Date
Account
Debit
Credit
Feb 01
Retained Earnings
3,000
Cash - Big Bank
3,000
Pay Feb. rent
Feb 04
Cash - Big Bank
53,000
Retained Earnings
53,000
Retained Earnings
10,000
Inventory
10,000
Sell inventory to customer for cash
Feb 07
Retained Earnings
13,000
Cash - Little Bank
13,000
Pay wages
Feb 15
Accounts Receivable
75,000
Retained Earnings
75,000
Retained Earnings
14,000
Inventory
14,000
Sell inventory to customer on credit
Feb 18
Cash - Little Bank
30,000
Accounts Receivable
70,000
Retained Earnings
100,000
Retained Earnings
21,000
Inventory
21,000
Sell inventory to customer for cash & credit
Feb 22
Inventory
14,000
Cash - Big Bank
14,000
Purchase inventory for cash
Feb 27
Retained Earnings
23,000
Cash - Little Bank
23,000
Pay wages
Feb 28
Retained Earnings
375
Interest Payable - Big Bank
375
Accrue Interest due to Big Bank
Feb 28
Retained Earnings
200
Interest Payable - Little Bank
200
Accrue Interest due to Little Bank
General Journal
Problem 3-1 Solution -- OverPriced Jeans, Inc. Rips-Off Its First Customers
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=
+
Beg.
Balance
40,000
Beg.
Balance
75,000
Beg.
Balance
50,000
Feb 01
3,000
Feb 04
53,000
Ending Balance
75,000
Ending Balance
50,000
Feb 22
14,000

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- Fall '08
- Charrier
- Financial Accounting, Balance Sheet, Big Bank, Little Bank, Dr. Beg
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