Create a General Journal with the following transactions: 3/1 - Owners of OPJ in
ID: 2366546 • Letter: C
Question
Create a General Journal with the following transactions: 3/1 - Owners of OPJ invested an additional $55,000 cash into the business. The cash is put into Big Bank. 3/1 - Pay off the $40,000 Note Payable owed to Little Bank. The cash to pay off the note is taken out of Big Bank. Also pay to Little Bank $200 for interest owed on the Note Payable for February. The $200 cash is also taken out of Big Bank. 3/1 - Take $4,000 cash out of Big Bank to pay for March's rent. 3/2 - The customer that purchased on credit on February 15 pays $78,000 cash to pay off the amount due. The cash is deposited into Big Bank. 3/10 - Sale of inventory to a customer -- selling price is $65,000 -- cost of the inventory sold $12,000. The customer pays cash. The cash is deposited into Little Bank. 3/15 - Take $26,000 cash out of Little Bank to pay employees for wages they have earned. 3/16 - Purchase $70,000 of additional inventory. OPJ will pay the manufacturer 50% of the $70,000 in 10 days. OPJ will pay the remaining 50% in 30 days. 3/17 - Sale of inventory to a customer -- selling price $120,000 -- cost of the inventory sold $27,000. The customer will pay for the purchase in 30 days. 3/20 - Sale of inventoy to a customer -- selling price $70,000 -- cost of the inventory sold $14,000. The customer pays $15,000 cash that is deposited into Little Bank. The customer will pay the remaining amount in 30 days. 3/22 - Purchase inventory for $30,000 cash. The cash is taken out of Big Bank. 3/26 - Pay the manufacturer the 50% due on the March 16th purchase of inventory. The cash is taken out of Big Bank. 3/30 - Take $25,000 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 $600. As of March 31st, OPJ owes Big Bank a total of $1,125 for interest ($525 for Feb. + $600 for March). Interest will be paid to Big Bank in June.Explanation / Answer
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