Question & Answer: Chapter 5 Homework Problem 5-1 OverPriced Jeans, Inc. Closing Entries for February In this problem y…..

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 2017. Remove and use the forms on Pgs 209 to 211 to complete this problem. Requirement 1 Based on the General Ledger account balances given on Pg 211 prepare OPJ’s February closing entries. Place the closing entries in the General Journal on Pg 209 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.