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Feb 01 Take $4,000 cash out of Big Bank to pay for February's warehouse rent. Feb 04 Sale of inventory to a customer - selling price $62,000 - cost of inventory sold $16,000- customer paid cash which was deposited in Big Bank. Feb 07 Take $10,000 cash out of Little Bank to pay employees for wages they have earned. Feb 15 Sale of inventory to a customer – selling price $88,000 – cost of inventory sold $22,000- customer will pay in the future. Sale of inventory to a customer- selling price $110,000 - cost of inventory sold $28,000 will pay for the remaining amount of the sale in 30 days. Feb 18 - customer pays $40,000 cash which is deposited in Little Bank - customer Feb 22 Purchase additional inventory-pay $17,000 cash out of Big Bank for the inventory. Feb 27 Take $23,000 cash out of Little Bank to pay employees for wages they have earned. Adjust the Interest Payable-Big Bank account to record the $600 of interest owed to Big Bank for February-interest will be paid in June. Feb 28 Adjust the Interest Payable-Little Bank account to record the $450 of interest owed to Little Bank for February- interest will be paid in March. Feb 28

Feb 01 Take $4,000 cash out of Big Bank to pay for February's warehouse rent. Feb 04 Sale of inventory to a customer - selling price $62,000 - cost of inventory sold $16,000- customer paid cash which was deposited in Big Bank. Feb 07 Take $10,000 cash out of Little Bank to pay employees for wages they have earned. Feb 15 Sale of inventory to a customer – selling price $88,000 – cost of inventory sold $22,000- customer will pay in the future. Sale of inventory to a customer- selling price $110,000 - cost of inventory sold $28,000 will pay for the remaining amount of the sale in 30 days. Feb 18 - customer pays $40,000 cash which is deposited in Little Bank - customer Feb 22 Purchase additional inventory-pay $17,000 cash out of Big Bank for the inventory. Feb 27 Take $23,000 cash out of Little Bank to pay employees for wages they have earned. Adjust the Interest Payable-Big Bank account to record the $600 of interest owed to Big Bank for February-interest will be paid in June. Feb 28 Adjust the Interest Payable-Little Bank account to record the $450 of interest owed to Little Bank for February- interest will be paid in March. Feb 28

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Need a general journal entry
General Journal Date Account Debit Credit General Ledger Trial Bal and Income Stat RE Calc and Balance Sheet General Journal %23 99+ P Type here to search 近
Transcribed Image Text:General Journal Date Account Debit Credit General Ledger Trial Bal and Income Stat RE Calc and Balance Sheet General Journal %23 99+ P Type here to search 近
(See the General Ledger tab in the file Chapter 04 b- Problem 4-1 Forms for the accounts in OPJ's accounting system.) Feb 01 Take $4,000 cash out of Big Bank to pay for February's warehouse rent. Feb 04 Sale of inventory to a customer - selling price $62,000 - cost of inventory sold $16,000- customer paid cash which was deposited in Big Bank. Feb 07 Take $10,000 cash out of Little Bank to pay employees for wages they have earned. Feb 15 Sale of inventory to a customer – selling price $88,000 – cost of inventory sold $22,000- customer will pay in the future. Sale of inventory to a customer - selling price $110,000 - cost of inventory sold $28,000 - customer pays $40,000 cash which is deposited in Little Bank- customer will pay for the remaining amount of the sale in 30 days. Feb 18 Feb 22 Purchase additional inventory- pay $17,000 cash out of Big Bank for the inventory. Feb 27 Take $23,000 cash out of Little Bank to pay employees for wages they have earned. Adjust the Interest Payable-Big Bank account to record the $600 of interest owed to Big Bank for February-interest will be paid in June. Feb 28 Adjust the Interest Payable-Little Bank account to record the $450 of interest owed to Little Bank for February- interest will be paid in March. Feb 28 Requirement 2 Post the entries from the General Journal to the General Ledger accounts.
Transcribed Image Text:(See the General Ledger tab in the file Chapter 04 b- Problem 4-1 Forms for the accounts in OPJ's accounting system.) Feb 01 Take $4,000 cash out of Big Bank to pay for February's warehouse rent. Feb 04 Sale of inventory to a customer - selling price $62,000 - cost of inventory sold $16,000- customer paid cash which was deposited in Big Bank. Feb 07 Take $10,000 cash out of Little Bank to pay employees for wages they have earned. Feb 15 Sale of inventory to a customer – selling price $88,000 – cost of inventory sold $22,000- customer will pay in the future. Sale of inventory to a customer - selling price $110,000 - cost of inventory sold $28,000 - customer pays $40,000 cash which is deposited in Little Bank- customer will pay for the remaining amount of the sale in 30 days. Feb 18 Feb 22 Purchase additional inventory- pay $17,000 cash out of Big Bank for the inventory. Feb 27 Take $23,000 cash out of Little Bank to pay employees for wages they have earned. Adjust the Interest Payable-Big Bank account to record the $600 of interest owed to Big Bank for February-interest will be paid in June. Feb 28 Adjust the Interest Payable-Little Bank account to record the $450 of interest owed to Little Bank for February- interest will be paid in March. Feb 28 Requirement 2 Post the entries from the General Journal to the General Ledger accounts.
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