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I need help calculating the retained earnings and steps on how to do so please

I need help calculating the retained earnings and steps on how to do so please

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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I need help calculating the retained earnings and steps on how to do so please

 

 

OverPriced Jeans, Inc. - General Journal Page 2 2021 Month-Day Account Account Name Posted Debit Number Credit 3-17 500 Cost of Goods Sold 33,000.00 120 Inventory 33,000.00 Record cost of inventory sold 3-20 Cash-Little Bank Accounts Receivable 105 35,500.00 165,500.00 110 400 Sales Revenue 201,000.00 Record goods sold for cash and on credit 3-20 500 Cost of Goods Sold 42,750.00 120 Inventory 42,750.00 Record cost of inventory sold 3-22 Inventory Cash-Big Bank Record goods purchases for cash 120 42,000.00 100 42,000.00 Accounts Payable Cash-Big Bank Record cash paid on account 3-26 200 38,750.00 100 38,750.00 3-30 515 Wages Expense Cash-Little Bank 28,500.00 105 28,500.00 Record cash paid for wages expense 3-31 Interest Expense-Big Bank Interest Payable-Big Bank 520 1,590.00 220 1,590.00 Record interest expense xxx
Transcribed Image Text:OverPriced Jeans, Inc. - General Journal Page 2 2021 Month-Day Account Account Name Posted Debit Number Credit 3-17 500 Cost of Goods Sold 33,000.00 120 Inventory 33,000.00 Record cost of inventory sold 3-20 Cash-Little Bank Accounts Receivable 105 35,500.00 165,500.00 110 400 Sales Revenue 201,000.00 Record goods sold for cash and on credit 3-20 500 Cost of Goods Sold 42,750.00 120 Inventory 42,750.00 Record cost of inventory sold 3-22 Inventory Cash-Big Bank Record goods purchases for cash 120 42,000.00 100 42,000.00 Accounts Payable Cash-Big Bank Record cash paid on account 3-26 200 38,750.00 100 38,750.00 3-30 515 Wages Expense Cash-Little Bank 28,500.00 105 28,500.00 Record cash paid for wages expense 3-31 Interest Expense-Big Bank Interest Payable-Big Bank 520 1,590.00 220 1,590.00 Record interest expense xxx
OverPriced Jeans, Inc. - General Journal Page # 1 2021 Account Account Name Posted Debit Credit Month-Day Number Cash - Big Bank 55,000.00 3-1 100 300 Common Stock 55,000.00 Issue additional Common Stock Note Payable- Little Bank Interest Payable- Little Bank Cash- Big Bank Paid amount owed to note payable 3-1 215 60,000.00 225 450.00 100 60,450.00 3-1 510 Rent Expense 4,800.00 Cash-Big Bank Rent paid for March 100 X 4,800.00 3-2 100 Cash-Big Bank 88,000.00 110 Accounts Receivable X 88,000.00 Cash collection from customers 72,500.00 3-10 105 Cash-Little Bank 400 Sales Revenue 72,500.00 Record goods sold for cash 3-10 500 Cost of Goods Sold 23,000.00 120 Inventory 23,000.00 Record cost of inventory sold 3-15 515 Wages Expense X 26.000.00 Cash-Little Bank Record cash paid for wages expense 105 26,000.00 3-16 120 Inventory 77,500.00 Accounts Payable 77,500.00 200 Record goods purchase on account 3-17 110 Accounts Receivable X 115,000.00 400 Sales Revenue X 115,000.00 Record goods sold on account xx x x
Transcribed Image Text:OverPriced Jeans, Inc. - General Journal Page # 1 2021 Account Account Name Posted Debit Credit Month-Day Number Cash - Big Bank 55,000.00 3-1 100 300 Common Stock 55,000.00 Issue additional Common Stock Note Payable- Little Bank Interest Payable- Little Bank Cash- Big Bank Paid amount owed to note payable 3-1 215 60,000.00 225 450.00 100 60,450.00 3-1 510 Rent Expense 4,800.00 Cash-Big Bank Rent paid for March 100 X 4,800.00 3-2 100 Cash-Big Bank 88,000.00 110 Accounts Receivable X 88,000.00 Cash collection from customers 72,500.00 3-10 105 Cash-Little Bank 400 Sales Revenue 72,500.00 Record goods sold for cash 3-10 500 Cost of Goods Sold 23,000.00 120 Inventory 23,000.00 Record cost of inventory sold 3-15 515 Wages Expense X 26.000.00 Cash-Little Bank Record cash paid for wages expense 105 26,000.00 3-16 120 Inventory 77,500.00 Accounts Payable 77,500.00 200 Record goods purchase on account 3-17 110 Accounts Receivable X 115,000.00 400 Sales Revenue X 115,000.00 Record goods sold on account xx x x
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