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March 1 Owners of OPJ invested an additional $55,000.00 cash into the business. The cash is put into Big Bank. (As an example of how to joumalize and post a transaction - this transaction has already been entered into the General Joumal and posted to the General Ledger.) March 1 Pay off the $60,000.00 Note Payable owed to Little Bank. The cash to payoff the note is taken out of Big Bank. Also pay to Little Bank $450.00 for interest owed on the Note Payable for February. The $450.00 cash is also taken out of Big Bank. March 1 Take $5,225.00 cash out of Big Bank to pay for March's rent. March 2 The customer that purchased on credit on February 15 pays $88,000.00 cash to pay off the amount due. The cash is deposited into Big Bank. March 10 Sale of inventory to a customer - selling price $78,750.00 - cost of inventory sold $32,000.00 The customer pays cash. The cash is deposited into Little Bank. March 15 Take $22,550.00 cash out of Little Bank to pay employees for wages they have earned. March 16 Purchase $83,800.00 of additional inventory. OPJ will pay the manufacturer 50% of the $83,800.00 in 10 days. OPJ will pay the remaining 50% in 30 days March 17 Sale of inventory to a customer - selling price $105,000.00 - cost of the inventory sold $44,000.00 The customer will pay for the purchase in 30 days. March 20 Sale of inventory to a customer - selling price $138,500.00 - cost of the inventory sold $34,500.00 The customer pays $38,500.00 cash that is deposited into Little Bank. The customer will pay the remaining amount in 30 days. March 22 Purchase inventory for $49,000.00cash. The cash is laken out of Big Bank. fx in 10 days. OPJ will pay the remaining 50% in 30 days March 17 Sale of inventory to a customer - seling price $105,000.00 - cost of the inventory sold $44,000.00 The customer will pay for the purchase in 30 days. March 20 Sale of inventory to a customer - selling price $138,500.00 - cost of the imentory sold $34,500.00 The customer pays $38,500,00 cash that is depositod into Littio Bank. The customer wil pay the remaining amount in 30 days. March 22 Purchase inventory for $49,000.00 cash. The cash is taken out of Big Bank March 26 Pay the manufacturer the 50% due on the March 16 hh purchase of inventory. The cash is taken out of Big Bank. March 30 Take $29,750.00 cash out of Litlle 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 $985.00. As of March 31 OPJ owes Big Bank a total of $1,585.00 for intorest ( $600.00 for February + $985.00 for March) Interest will be paid to Big Bank in June. Directions Trans Chart Accts Journal GL Assets GL Liab-Equity GL Rev-Exp Trial Bal IS \& RE BalSht Rccessibityo noestigate

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