I am supposed to use the information from the the general ledger and prepare the entries and then do the post closing trial balance 4:16 MOEditGeneral Journal General Ledger Post-Closing Trial...Name:Section:Problem 5-1 - OverPriced Jeans, Inc. Closing Entries for FebruaryBeg. BalanceFeb 01Feb 04Feb 22Ending BalanceBeg. BalanceFeb 07Feb 18Feb 27Ending BalanceBeg. BalanceFeb 15Feb 18Ending BalanceBeg. Balance.Feb 04Feb 15Feb 18Feb 22Ending BalanceBeg. BalanceEnding Balance.AssetsCashDr. Big Bank Cr.35,00062,00076,00040,000DODOToolsCashDr. Little Bank Cr.20,00027,00088,00070,000158,000●85,000AccountsDr. Receivable Cr.017,00036,0004,00017,000Dr. Inventory Cr.60,00010,00023,000Dr. Equipment Cr.60,00016,00022,00028,000||||General LedgerBeg. BalanceEnding BalanceBeg. BalanceEnding BalanceBeg, BalanceFeb 28Ending BalanceBeg. BalanceFeb 28Ending BalanceMobile ViewLiabilitiesNote PayableDr. Big Bank Cr.65,000Note Payable.Dr. Little Bank Cr.Dr.65,000O60,000Interest Payable60,000Big Bank Cr.0600600Interest PayableDr. Little Bank Cr.0450450(Shareа#|Beg. BalanceEnding BalanceBeg. BalanceOwners' EquityEnding BalanceBeg. BalanceFeb 04Feb 15Feb 18Ending BalanceAll 72%After Close BalBeg. BalanceFeb 04Feb 15Feb 18Ending BalanceAfter Close BalBeg. BalanceFeb 01Ending BalanceAfter Close BalBeg. BalanceFeb 07Feb 27Ending BalanceAfter Close BalBeg. BalanceFeb 28Feb 28Ending BalanceAfter Close Bal48Dr.Dr.Dr.X...CommonDr.Stock Cr.Dr.SalesDr. Revenue Cr.RetainedEarnings Cr.075,0004,0004.00075,000Cost of GoodsSold Cr.016,00022,00028,00066.00010,00023,00033,000RentDr. Expense Cr.0062,00088,000110,000260,000Edit on PCWagesExpense Cr.0InterestExpense Cr.06004501,050 Step 6 Calculate the ending balance of the Retained Earnings account that isneeded for the preparation of the Balance Sheet.Step 7 Prepare the Balance Sheet from the ending balances in the General Ledgerasset accounts, liability accounts, Common Stock account, and thecalculated ending balance for the Retained Earnings account.Step 8 Prepare and enter the revenue and expense closing entries into theGeneral Journal, and post the closing entries to the General Ledger[Recommend) Export PDF as longimage without watermarkIn the next chapter, you will take Gray Co. through its entire Accounting Cycle for the Marchaccounting period.Chapter 5- Closing Revenue and Expense AccountsChapter 5 HomeworkExportProblem 5-1 OverPriced Jeans, Inc. Closing Entries for FebruaryIn this problem you will be closing OPJ's Revenue and Expense accounts for the month ofFebruary 2023. Use the Excel workbook Chapter 05 b - Problem 5-1 Forms to complete thisproblem.Requirement 2Post the closing entries to the General Ledger accounts.Requirement 1Based on the Revenue and Expense account balances given on the General Ledger tab in theChapter 05 b - Problem 5-1 Forms workbook, prepare OPJ's February closing entries. Placethe closing entries in the General Journal.SOLID FOOTING 51Requirement 3Compute an Ending Balance for the Retained Earnings account and put that balance in theaccount.Requirement 4Prepare a Post-Closing Trial Balance.Compute the After Close Balances for the Revenue and Expense accounts and put thosebalances in the accounts.52 SOLID FOOTINGRequirement 5Note that the Ending Balance shown in the Retained Earnings account on the General Ledgertab - is the same amount that was shown for Retained Earnings on OPJ's Balance Sheet inProblem 4-1.Chapter 5 - Closing Revenue and Expense Accounts

Name: I am supposed to use the information from the the general ledger and p
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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 4:16 MOEditGeneral Journal General Ledger Post-Closing Trial...Name:Section:Problem 5-1 - OverPriced Jeans, Inc. Closi