Question: I need help calculating the retained earnings and steps on how to do so please info is correct Overpriced Jeans, Inc. - General Journal Page

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 info is correct Overpriced Jeans, Inc. - General Journal
info is correct

Overpriced Jeans, Inc. - General Journal Page # 1 Account Name Posted Debit Credit 2021 Month-Day 3-1 Account Number 100 300 55,000.00 Cash - Big Bank Common Stock Issue additional Common Stock 55,000.00 3- 3-1 215 60,000.00 450.00 225 100 Note Payable- Little Bank Interest Payable- Little Bank Cash- Big Bank Paid amount owed to note payable X X X 60.450.00 3-1 510 100 Rent Expense Cash-Big Bank Rent paid for March XX 4,800.00 4,800.00 3-2 100 110 Cash-Big Bank Accounts Receivable Cash collection from customers X X 88,000.00 88,000.00 3-10 105 400 Cash-Little Bank Sales Revenue Record goods sold for cash X X 72,500.00 72,500.00 3-10 23,000.00 500 120 Cost of Goods Sold Inventory Record cost of inventory sold X X 23,000.00 3-15 26,000.00 515 105 Wages Expense Cash-Little Bank Record cash paid for wages expense X X 26,000.00 3-16 120 200 Inventory Accounts Payable Record goods purchase on account X X 77,500.00 X 77,500.00 3-17 110 400 Accounts Receivable Sales Revenue Record goods sold on account 115,000.00 115,000.00 OverPriced Jeans, Inc. - General Journal Page 2 2021 Month-Day 3-17 Posted Credit Account Number 500 120 Account Name Cost of Goods Sold Inventory Record cost of inventory sold Debit 33,000.00 33,000.00 3-20 105 110 400 Cash-Little Bank Accounts Receivable Sales Revenue Record goods sold for cash and on credit X X X 35,500.00 165,500.00 201,000.00 3-20 500 120 Cost of Goods Sold Inventory Record cost of inventory sold X 42.750.00 42.750.00 3-22 120 100 Inventory Cash-Big Bank Record goods purchases for cash X XX 42,000.00 42,000.00 3-26 200 100 38,750.00 Accounts Payable Cash-Big Bank Record cash paid on account 38,750.00 3-30 515 28,500.00 105 Wages Expense Cash-Little Bank Record cash paid for wages expense 28,500.00 3-31 520 220 Interest Expense-Big Bank Interest Payable-Big Bank Record interest expense X X XX 1,590.00 1,590.00

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