I need help calculating the retained earnings and steps on how to do so please OverPriced Jeans, Inc. - General JournalPage 22021Month-DayAccountAccount NamePostedDebitNumberCredit3-17500Cost of Goods Sold33,000.00120Inventory33,000.00Record cost of inventory sold3-20Cash-Little BankAccounts Receivable10535,500.00165,500.00110400Sales Revenue201,000.00Record goods sold for cash and on credit3-20500Cost of Goods Sold42,750.00120Inventory42,750.00Record cost of inventory sold3-22InventoryCash-Big BankRecord goods purchases for cash12042,000.0010042,000.00Accounts PayableCash-Big BankRecord cash paid on account3-2620038,750.0010038,750.003-30515Wages ExpenseCash-Little Bank28,500.0010528,500.00Record cash paid for wages expense3-31Interest Expense-Big BankInterest Payable-Big Bank5201,590.002201,590.00Record interest expensexxx OverPriced Jeans, Inc. - General JournalPage # 12021AccountAccount NamePostedDebitCreditMonth-DayNumberCash - Big Bank55,000.003-1100300Common Stock55,000.00Issue additional Common StockNote Payable- Little BankInterest Payable- Little BankCash- Big BankPaid amount owed to note payable3-121560,000.00225450.0010060,450.003-1510Rent Expense4,800.00Cash-Big BankRent paid for March100X4,800.003-2100Cash-Big Bank88,000.00110Accounts ReceivableX88,000.00Cash collection from customers72,500.003-10105Cash-Little Bank400Sales Revenue72,500.00Record goods sold for cash3-10500Cost of Goods Sold23,000.00120Inventory23,000.00Record cost of inventory sold3-15515Wages ExpenseX26.000.00Cash-Little BankRecord cash paid for wages expense10526,000.003-16120Inventory77,500.00Accounts Payable77,500.00200Record goods purchase on account3-17110Accounts ReceivableX115,000.00400Sales RevenueX115,000.00Record goods sold on accountxxx x

Retained earnings refer to the amount of profit that the company held with them and retained from…

Answered: I need help calculating the retained…

Business

Accounting

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

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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