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Mac

Chapter 6 Homework – OverPriced Jeans – Solid Footing 8e 2015-16 School Year
Workbook is Activated

First Name: Princess
Last Name: Sebo
ID Code: 07226430
Bruce Wiggett
ONLINE

Gudwriter Essay Writing

Before you begin working, save your activated workbook
by following the directions in the SAVING YOUR WORKBOOK box >>
Instructions:
You will be recording the March 2015 transactions for OverPriced Jeans, Inc. (OPJ). After
recording the March transactions you will be preparing a Pre-Closing Trial Balance, Income
Statement, Calculation of Retained Earnings, Balance Sheet, and Post-Closing Trial Balance.

As you work on your workbook, be sure to save your file often.
You are given the following:

_ March transactions and Additional Information — Trans tab
_ Chart of Accounts with Account Numbers and Account Names — Chart Accts tab
_ General Journal pages — Journal tab
_ General Ledger — GL Assets, GL Liab-Equity, GL Rev-Exp tabs
_ Forms for the March 31: Pre-Closing Trial Balance, Income Statement,
Calculation of Retained Earnings, Balance Sheet, and Post-Closing Trial Balance
Trial Bal, IS & RE, BalSht, and Post Close TB tabs
To Complete Your Workbook do the following:

_ Print the March Transactions (click the Trans tab and then click the Printer Icon)
Use YOUR Transaction sheets — do not use another student’s sheets

_ Print the Chart of Accounts (click the Chart Accts tab and then click the Printer Icon)

000322885

SAVING YOUR WORKBOOK — Immediately after Activation
Save your workbook in a file that uses your name as the file name. The file name should be in
the form: LastNameFirstName-HW6.xls For example, Mary Smith would save her workbook
with the file name SmithMary-HW6.xls

Windows Excel 2013, Excel 2010, and Excel 2003, follow these directions:
– Click File
– Click Save As
– Excel 2013 only: Click Solid Footing 8e 2015-16 under Current Folder
– In File name: enter LastNameFirstName-HW6.xls
– Click Save

Windows Excel 2007, follow these directions:
– Click the Office Button in the upper left corner of your screen
– Point to Save As
– Click Excel 97-2003 Workbook
– In File name: enter LastNameFirstName-HW6.xls
– Click Save
Any time you save your workbook, if Excel 2007 asks you: Do you want to increase the security
of this document by converting to an Office Open XML format? Always click No

Mac Excel 2011, follow these directions:
– Click File
– Click Save As
– In Save As: enter LastNameFirstName-HW6.xls
– Format should be Excel 97-2004 Workbook (xls)
– Click Save
– Always Click Continue to the message X "This workbook contains features that will not …."

_ Record the March transactions in the General Journal. Click the Journal tab and record
your entries directly into the General Journal. Look at the March 1 Common Stock
transaction, which has already been entered, for an example of how to make your entries.
Do not put the "X" in the Posted column at this time. Use the printed Chart of Accounts
as a reference source for the Account Numbers and Account Names that are available
in OPJ’s accounting system.

_ To make posting from the General Journal to the General Ledger easier, it is recommended that
you print the General Journal — click the Journal tab and then click the Printer Icon.

Steps 1 and 2
in the Accounting Cycle
Step 1
For each business transaction
that occurs during the accounting
period, determine the effect of the
transaction on the General Ledger
accounts.

_ Post the entries from the printed General Journal to the General Ledger accounts. Click the
GL Assets, GL Liab-Equity, and GL Rev-Exp tabs to find the accounts to be posted.
Record your postings directly into the General Ledger. As you post an amount to an account
be sure to enter the General Journal Page # into the Journal Page # column. See
the first posting to the Cash-Big Bank account for an example. After you post an amount to a
General Ledger account, then hand write an "X" in the Posted column of the printed
General Journal. This will help you keep track of which entries you have posted.

_ Enter the "X"s, which you hand wrote on your General Journal pages, into the
General Journal. Click the Journal tab and enter the "X"s in the Posted column

Step 2
Make an entry in the General
Journal for each transaction and
post the entry to the General
Ledger accounts.

Pg. 2

_ Prepare the March 31 adjusting entry for interest due on the Note Payable to Big Bank.
The information for this adjusting entry is under the heading "Additional Information" on
the page that printed when you printed the Trans tab. Click the Journal tab and record the
adjusting entry in the General Journal. Use the printed Chart of Accounts as a
reference source for the Account Numbers and Account Names that are available in
OPJ’s accounting system.

_ Post the adjusting entry from the General Journal to the General Ledger accounts.
Click the GL Liab-Equity and GL Rev-Exp tabs to find the accounts to be
posted. As you post an amount to an account be sure to enter the General Journal Page #
into the Journal Page # column. After you post an amount to a General Ledger account,
click back on the Journal tab and enter an "X" in the Posted column of the General Journal.

Step 3 in the Accounting Cycle
At the end of the accounting
period, before preparing the
financial statements, determine
if any of the General Ledger
account balances need to be
adjusted. Enter any required
adjusting entries into the General
Journal and post the adjusting
entries to the General Ledger
accounts.

_ Print OPJ’s General Ledger by: clicking the GL Assets tab and then clicking the Printer icon,
clicking the GL Liab-Equity tab and then clicking the Printer icon, and clicking the
GL Rev-Exp tab and then clicking the Printer icon.

_ Using the printed General Ledger, enter the ending account balances into the March 31
Pre-Closing Trial Balance. Click the Trial Bal tab and enter the amounts into the
Pre-Closing Trial Balance. Print the March 31 Pre-Closing Trial Balance by clicking
the Printer icon.

Step 4 in the Accounting Cycle
Prepare a Pre-Closing Trial
Balance to determine that the
accounts in the General Ledger
are in balance.

Step 5 in the Accounting Cycle

_ Using the printed March 31 Pre-Closing Trial Balance, prepare the March 2015
Income Statement. Click the IS & RE tab and enter the amounts into the Income
Statement.

Prepare an Income Statement
from the ending balances in the
General Ledger revenue and
expense accounts.
Step 6 in the Accounting Cycle

_ Using the printed Pre-Closing Trial Balance and the Net Income amount, prepare the
Calculation of Retained Earnings as of March 31 for the Balance Sheet.
Click the IS & RE tab and enter the amounts into the schedule.

Calculate the ending balance
of the Retained Earnings
account that is needed for the
preparation of the Balance
Sheet
Step 7 in the Accounting Cycle

_ Using the printed March 31 Pre-Closing Trial Balance and the amount from the
Calculation of Retained Earnings as of March 31, prepare the March 31, 2015 Balance Sheet.
Click the BalSht tab and enter the amounts into the Balance Sheet.

_ Prepare the closing entries. Click the Journal tab and enter the closing entries into the
General Journal. Place your closing entries on Page # 3 of the General Journal.

_ Post the closing entries from the General Journal to the General Ledger accounts.
Click the GL Liab-Equity, and GL Rev-Exp tabs to find the accounts to be posted.
As you post an amount to an account be sure to enter the General Journal Page # into
the Journal Page # column. After you post an amount to a General Ledger account,
click back on the Journal tab and enter an "X" in the Posted column of the General Journal.

Prepare the Balance Sheet
from the ending balances in the
General Ledger asset accounts,
liability accounts, Common
Stock account, and the
calculated ending balance for
the Retained Earnings account.
Step 8 in the Accounting Cycle

Prepare and enter the revenue
and expense closing
entries into the General
Journal, and post the closing
entries to the General Ledger
accounts.

Step 9 in the Accounting Cycle

_ Click the Post Close TB tab and prepare the March 31 Post-Closing Trial Balance.

Your workbook is complete!
Your instructor will provide you with directions on how to submit your workbook.

Prepare a Post-Closing Trial
Balance to determine that the
accounts in the General Ledger
are in balance and ready to
start a new Accounting Cycle.

OverPriced Jeans, Inc. – Transactions – Additional Information
March 2015 Transactions
Date

ü

March 1

Description of the Transaction
Owners of OPJ invested an additional $55,000 cash into the business. The cash is put into Big Bank.
(As an example of how to journalize and post a transaction — this transaction has already been entered
into the General Journal and posted to the General Ledger.)

March 1

Pay off the $60,000 Note Payable owed to Little Bank. The cash to pay off the note is taken
out of Big Bank. Also pay to Little Bank $450 for interest owed on the Note Payable for February.
The $450 cash is also taken out of Big Bank.

March 1

Take $4,650 cash out of Big Bank to pay for March’s rent.

March 2

The customer that purchased on credit on February 15 pays $88,000 cash to pay off
the amount due. The cash is deposited into Big Bank.

March 10 Sale of inventory to a customer — selling price $46,250 — cost of the inventory sold $12,000.
The customer pays cash. The cash is deposited into Little Bank.
March 15 Take $29,000 cash out of Little Bank to pay employees for wages they have earned.
March 16 Purchase $64,000 of additional inventory. OPJ will pay the manufacturer 50% of the $64,000
in 10 days. OPJ will pay the remaining 50% in 30 days.
March 17 Sale of inventory to a customer — selling price $144,000 — cost of the inventory sold $42,000.
The customer will pay for the purchase in 30 days.
March 20 Sale of inventory to a customer — selling price $92,000 — cost of the inventory sold $34,500.
The customer pays $20,000 cash that is deposited into Little Bank. The customer will pay the
remaining amount in 30 days.
March 22 Purchase inventory for $32,000 cash. The cash is taken out of Big Bank.
March 26 Pay the manufacturer the 50% due on the March 16th purchase of inventory. The cash is taken
out of Big Bank.
March 30 Take $31,250 cash out of Little Bank to pay employees for wages they have earned.

Additional Information
Note Payable
Big Bank:

Interest due to Big Bank on the Note Payable for the month of March is $525. As of March 31
OPJ owes Big Bank a total of $1,125 for interest ($600 for February + $525 for March).
Interest will be paid to Big Bank in June.

OverPriced Jeans, Inc. – Chart of Accounts
Account #

Account Name

100
105
110
120
150

Assets:
Cash – Big Bank
Cash – Little Bank
Accounts Receivable
Inventory
Equipment

200
210
215
220
225

Liabilities:
Accounts Payable
Note Payable – Big Bank
Note Payable – Little Bank
Interest Payable – Big Bank
Interest Payable – Little Bank

300
305

Equity:
Common Stock
Retained Earnings

400

Revenues:
Sales Revenue

500
510
515
520

Expenses:
Cost of Goods Sold
Rent Expense
Wages Expense
Interest Expense

Princess Sebo

OverPriced Jeans, Inc. – General Journal
Page # 1
2015
Month-Day

Account
Number

Account Name

Posted

3-1

100

Cash – Big Bank

X

300

Common Stock

Debit

Credit

55,000.00
55,000.00

X

Issue additional Common Stock
3-1

Note Payable- Little Bank

225

Interest Payable- Little Bank

100

510

Rent Expense

60,000.00
450.00

Cash- Big Bank

100

3-1

215

Cash- Big Bank

60,450.00

4,650.00
4,650.00

Pay March rent
3-2

100

Cash- Big Bank

110

88,000.00

Accounts Receivable

88,000.00

Collect Accounts Receivable
3- 10

105

Cash- Little bank

400

Sales Revenue

500

Cost of Goods Sold

120

46,250.00

Inventory

46,250.00
12,000.00
12,000.00

Sell Inventory to customer for cash
3-15

515

Wages Expense

105

29,000.00

Cash- Little Bank

29,000.00

Pay Wages
3-16

120

Inventory

200

64,000.00

Accounts Payable

64,000.00

Purchase Inventory on credit
3-17

110

Accounts Receivable

400

Sales Revenue

500

Cost of Goods Sold

144,000.00
144,000.00
42,000.00

OverPriced Jeans, Inc. – General Journal
Page # 2
2015

Account

Month-Day

Number

120

Account Name

Posted

Debit

Credit

42,000.00

Inventory
Sell Inventory to customer on credit

3-20

Accounts Receivable

105

Cash- Little Bank

400

Cost of Goods Sold

120

Inventory

120

Inventory

100

92,000.00
20,000.00

Sales Revenue

500

3-22

110

Cash- Big Bank

112,000.00
34,500.00
34,500.00
32,000.00
32,000.00

Purchase Inventory for cash
3-26

200

Accounts Payable

100

32,000.00

Cash- Big Bank

32,000.00

Pay Cash to vendor on account
3-30

515

Wages Expense

105

31,250.00

Cash- Little Bank

31,250.00

Pay Wages
3-31

520

Interest Expense

220

Interest Payable- Big Bank

525.00
525.00

Accrue March Interest on Big Bank note

42,522.00

OverPriced Jeans, Inc. – General Journal
Page # 3
2015

Account

Month-Day

Number

Account Name

Posted

Debit

Credit

Princess Sebo

OverPriced Jeans, Inc. – General Ledger
Account # 100

Cash – Big Bank

2015

Journal

Month-Day

Page #

3-1

Beginning Balance

3-1

1

Debit

76,000.00
55,000.00
60,000.00
450.00
4,650.00

3-1
3-1
3-1

88,000.00

3-2

32,000.00

3-22

Account # 105
2015

Journal
Page #

Debit

31,250.00

3-30

Dr
Dr
Dr
Dr
Dr
Dr

Credit

Balance

Dr
Dr
Dr
Dr
Dr

Accounts Receivable

2015

Journal

Month-Day

Page #

Beginning Balance

Debit

158,000.00
88,000.00

3-2
3-20

27,000.00
73,250.00
44,250.00
64,250.00
33,000.00

20,000.00

3-20

Account # 110

Dr

Balance

29,000.00

3-15

3-17

76,000.00
131,000.00
71,000.00
70,550.00
65,900.00
153,900.00
121,900.00

Credit

27,000.00
46,250.00

Beginning Balance

3-10

3-1

Balance

Cash – Little Bank

Month-Day

3-1

Credit

144,000.00
92,000.00

158,000.00
70,000.00
214,000.00
306,000.00

Dr
Dr
Dr
Dr

Princess Sebo

OverPriced Jeans, Inc. – General Ledger
Account # 120

Inventory

2015

Journal

Month-Day

Page #

3-1

Debit

36,000.00

Beginning Balance

12,000.00

3-10

64,000.00

3-16

42,000.00
34,500.00

3-17
3-20

32,000.00

3-22

Account # 150

Balance

36,000.00
24,000.00
88,000.00
46,000.00
11,500.00
43,500.00

Dr
Dr
Dr
Dr
Dr
Dr

Equipment

2015

Journal

Month-Day

Page #

3-1

Credit

Beginning Balance

Debit

60,000.00
0.00

Credit

Balance

60,000.00 Dr

Princess Sebo

OverPriced Jeans, Inc. – General Ledger
Account # 200

Accounts Payable

2015

Journal

Month-Day

Page #

3-1

Debit

Account # 210
2015

Journal
Page #

2015

Journal
Page #

Debit

Beginning Balance

Account # 220
2015

Journal
Page #

Debit

60,000.00 Cr
0.00 Cr

Credit

Balance

600.00
525.00

Beginning Balance

3-31

Account # 225

600.00 Cr
1,125.00 Cr

Interest Payable – Little Bank

2015

Journal

Month-Day

Page #

3-1

Balance

Interest Payable – Big Bank

Month-Day

3-1

Credit

60,000.00

3-1

3-1

65,000.00 Cr

Note Payable – Little Bank

Month-Day

3-1

Debit

Beginning Balance

Account # 215

Balance

Note Payable – Big Bank

Month-Day

3-1

Credit

60,000.00

3-26

0.00 Cr
32,000.00 Cr
64,000.00 Cr

65,000.00
0.00

3-16

Balance

0.00
32,000.00
32,000.00

Beginning Balance

Credit

Debit

Credit

450.00

Beginning Balance

450.00

Balance

450.00 Cr
0.00 Cr

Princess Sebo

OverPriced Jeans, Inc. – General Ledger

Account # 300

Common Stock

2015

Journal

Month-Day

Page #

3-1

1

Account # 305

Credit

75,000.00
55,000.00

Beginning Balance

3-1

Balance

75,000.00 Cr
130,000.00 Cr

Retained Earnings

2015

Journal

Month-Day

Page #

3-1

Debit

Beginning Balance

Debit

Credit

155,950.00
0.00

Balance

155,950.00 Cr

Princess Sebo

OverPriced Jeans, Inc. – General Ledger
Account # 400

Sales Revenue

2015

Journal

Month-Day

Page #

3-1

Debit

0.00
46,250.00
144,000.00
112,000.00

Beginning Balance

3-10
3-17
3-20

Account # 500
2015

Journal
Page #

3-10
3-17
3-20

2015

Journal
Page #

3-1

0.00
46,250.00
190,250.00
302,250.00

Cr
Cr
Cr
Cr

Credit

Balance

0.00
12,000.00
54,000.00
88,500.00

Dr
Dr
Dr
Dr

Rent Expense

Month-Day

3-1

Debit

0.00
12,000.00
42,000.00
34,500.00

Beginning Balance

Account # 510

Balance

Cost of Goods Sold

Month-Day

3-1

Credit

Beginning Balance

Debit

0.00
4,650.00

Credit

Balance

0.00 Dr
4,650.00 Dr

Princess Sebo

OverPriced Jeans, Inc. – General Ledger
Account # 515

Wages Expense

2015

Journal

Month-Day

Page #

3-1
3-15
3-30

2015

Journal
Page #

3-31

Balance

0.00 Dr
29,000.00 Dr
60,250.00 Dr

Interest Expense

Month-Day

3-1

Credit

0.00
29,000.00
31,250.00

Beginning Balance

Account # 520

Debit

Beginning Balance

Debit

0.00
525.00

Credit

Balance

0.00 Dr
525.00 Dr

44a12

Princess Sebo

OPJ’s – March 31, 2015 Pre-Closing Trial Balance
Account #

Account Name

Debit

Credit

121,900.00
33,000.00
306,000.00
43,500.00
60,000.00

100

Cash – Big Bank

105

Cash – Little Bank

110

Accounts Receivable

120

Inventory

150

Equipment

200

Accounts Payable

210

Note Payable – Big Bank

215

Note Payable – Little Bank

220

Interest Payable – Big Bank

225

Interest Payable – Little Bank

300

Common Stock

305

Retained Earnings

400

Sales Revenue

500

Cost of Goods Sold

510

Rent Expense

515

Wages Expense

520

Interest Expense

64,000.00
65,000.00
0.00
1,125.00
0.00
130,000.00
155,950.00
302,250.00
88,500.00
4,650.00
60,250.00
525.00

Totals

718,325.00

718,325.00

Princess Sebo

OverPriced Jeans, Inc.
Income Statement
for the Month Ended March 31, 2015
Sales Revenue
Cost of Goods Sold
Gross Profit
Expenses:
Rent Expense
Wages Expense
Interest Expense

$302,250.00
(88,500.00)
213,750.00
(4,650.00)
(60,250.00)
(525.00)

Total Expenses

(65,425.00)

Net Income $148,325.00

Calculation of
Retained Earnings as of
March 31 for the Balance Sheet
Retained Earnings
Current Balance

155,950.00

Plus March Net Income

148,325.00

Retained Earnings as of
March 31 for Balance Sheet

304,275.00

Princess Sebo

OverPriced Jeans, Inc.
Balance Sheet
as of March 31, 2015
Assets
Cash – Big Bank
Cash – Little Bank
Accounts Receivable
Inventory
Equipment

$121,900.00
33,000.00
306,000.00
43,500.00
60,000.00
Total Assets

$564,400.00

Liabilities
Accounts Payable
Note Payable – Big Bank
Note Payable – Little Bank
Interest Payable – Big Bank
Interest Payable – Little Bank

$64,000.00
65,000.00
0.00
1,125.00
0.00

Total Liabilities
Equity:
Common Stock
Retained Earnings

130,125.00
130,000.00

Total Equity

130,000.00

Total Liabilities & Equity

$260,125.00

Princess Sebo

OPJ’s – March 31, 2015 Post-Closing Trial Balance
Account #

Account Name

Debit

100

Cash – Big Bank

105

Cash – Little Bank

110

Accounts Receivable

120

Inventory

150

Equipment

200

Accounts Payable

210

Note Payable – Big Bank

215

Note Payable – Little Bank

220

Interest Payable – Big Bank

225

Interest Payable – Little Bank

300

Common Stock

305

Retained Earnings

400

Sales Revenue

500

Cost of Goods Sold

510

Rent Expense

515

Wages Expense

520

Credit

Interest Expense

Totals

0.00

0.00

Student’s Name:
Software Id Code:
Class Time:
Instructor:
Grading Item
Pre-Closing Trial Balance
Cash – Big Bank
Cash – Little Bank
Accounts Receivable
Inventory
Equipment
Accounts Payable
Note Payable – Big Bank
Note Payable – Little Bank
Interest Payable – Big Bank
Interest Payable – Little Bank
Common Stock
Retained Earnings
Sales Revenue
Cost of Goods Sold
Rent Expense
Wages Expense
Interest Expense

Princess Sebo 000322885
07226430
ONLINE
Bruce Wiggett

Chapter 6 Homework

Grading Item
On the Pre-Closing Trial Balance
(A)Total Debits = (B)Total Credits

On the Balance Sheet
(A)Total Assets = (B)Total Liabilities + Stockholders’ Equity
(A)Retained Earnings = (B)Calculated RE on the IS & RE tab
(A)Common Stock = (B)Common Stock on the Pre-Closing Trial Balance

On the Income Statement
(A)Net Income = (B)Revenue less Expense Accounts on the Pre-Close Trial Bal.

On the Calculation of Retained Earnings Schedule
(A)Net Income used in Calculating Ending RE = (B)Net Income on Income Stat.

On the Post-Closing Trial Balance
(A)Retained Earnings = (B)Retained Earnings on the Balance Sheet
(A)Total Debits = (B)Total Credits
(A)Total of Expense Accts should be 0 and (B)Sales Revenue Acct should be 0

Your answers will NOT appear on this Grade Page

Gudwriter Essay Writing