I am supposed to use the information from the the general ledger and prepare the entries and then do the post closing trial balance ## General Ledger Overview: OverPriced Jeans, Inc. - February Closing Entries### Assets#### Cash- **Big Bank** - Beginning Balance: $35,000 - Transactions: - Feb 01: Debit $62,000 | Credit $4,000 - Feb 22: Credit $17,000 - **Ending Balance:** $76,000- **Little Bank** - Beginning Balance: $20,000 - Transactions: - Feb 07: Debit $40,000 | Credit $10,000 - Feb 27: Credit $23,000 - **Ending Balance:** $27,000#### Accounts Receivable- Transactions: - Feb 15: Credit $88,000 - Feb 18: Debit $70,000- **Ending Balance:** $158,000#### Inventory- Beginning Balance: $85,000- Transactions: - Feb 04: Credit $16,000 - Feb 15: Credit $22,000 - Feb 18: Credit $28,000 - Feb 22: Debit $17,000- **Ending Balance:** $36,000#### Equipment- Beginning Balance: $60,000- **Ending Balance:** $60,000### Liabilities#### Note Payable- **Big Bank** - Beginning Balance: $65,000 - **Ending Balance:** $65,000- **Little Bank** - Beginning Balance: $60,000 - **Ending Balance:** $60,000#### Interest Payable- **Big Bank** - Feb 28: Credit $600 - **Ending Balance:** $600- **Little Bank** - Feb 28: Credit $450 - **Ending Balance:** $450### Owners' Equity#### Common Stock- Beginning Balance: $75,000- **Ending Balance:** $75,000#### Retained Earnings- **Ending Balance:** [Data not shown]#### Sales Revenue- Transactions: - Feb 04: Credit $62,000 - Feb 15: Credit $88,000 - Feb 18: Credit $110,000- **Ending Balance:** $260,000#### Cost of Goods Sold- Transactions: Chapter 5 – Closing Revenue and Expense Accounts**Chapter 5 Homework****Problem 5-1 OverPriced Jeans, Inc. Closing Entries for February**In this problem, you will be closing OPJ's Revenue and Expense accounts for the month of February 2023. Use the Excel workbook *Chapter 05 b - Problem 5-1 Forms* to complete this problem.**Requirement 1**Based on the Revenue and Expense account balances given on the General Ledger tab in the *Chapter 05 b - Problem 5-1 Forms* workbook, prepare OPJ's February closing entries. Place the closing entries in the General Journal.**Requirement 2**Post the closing entries to the General Ledger accounts.**Requirement 3**Compute an Ending Balance for the Retained Earnings account and put that balance in the account.Compute the After Close Balances for the Revenue and Expense accounts and put those balances in the accounts.**Requirement 4**Prepare a Post-Closing Trial Balance.**Requirement 5**Note that the Ending Balance shown in the Retained Earnings account on the General Ledger tab is the same amount that was shown for Retained Earnings on OPJ’s Balance Sheet in Problem 4-1.In the next chapter, you will take Gray Co. through its entire Accounting Cycle for the March accounting period.

Name: I am supposed to use the information from the the general ledger and p
Uploaded: 2024-03-04T10:43:15.000Z
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Description: I am supposed to use the information from the the general ledger and prepare the entries and then do the post closing trial balance ## General Ledger Overview: OverPriced Jeans, Inc. - February Closing Entries### Assets#### Cash- **Big Bank** - Begi