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Problem%205-1 - Problem 5-1 Solution OverPriced Jeans...

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Date Account Debit Credit Feb 28 Sales Revenue 228,000 Retained Earnings 228,000 Close the revenue account Feb 28 Retained Earnings 84,575 Cost of Goods Sold 45,000 Rent Expense 3,000 Wages Expense 36,000 Interest Expense 575 Close the expense accounts General Journal Problem 5-1 Solution -- OverPriced Jeans Closing Entires for February
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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 Ending Balance 76,000 Beg. Balance 35,000 Beg. Balance 0 Feb 28 228,000 Beg. Balance 20,000 Ending Balance 35,000 Feb 28 84,575 Feb 07 13,000 Ending Balance 143,425 Feb 18 30,000 Feb 27 23,000 Ending Balance 14,000 Beg. Balance 0 Beg. Balance 0 Feb 28 375 Feb 04 53,000 Feb 15 75,000 Beg. Balance 0 Ending Balance 375 Feb 18 100,000 Feb 15 75,000 Ending Balance 228,000 Feb 18 70,000 Feb 28 228,000 Ending Balance 145,000 After Close Bal 0 Beg. Balance 0 Feb 28 200 Beg. Balance 55,000 Beg. Balance 0 Feb 04 10,000 Ending Balance 200 Feb 04 10,000 Feb 15 14,000 Feb 15 14,000 Feb 18 21,000 Feb 18 21,000 Feb 22 14,000 Ending Balance 45,000 Ending Balance 24,000 Feb 28 45,000 After Close Bal 0 Beg. Balance 45,000 Beg. Balance 0 Feb 01 3,000 Ending Balance 45,000 Ending Balance 3,000 Feb 28 3,000 After Close Bal 0 Beg. Balance 0 Feb 07 13,000
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