Account Title Cash Accounts receivable Inventory Equipment Accumulated depreciation Accounts payable Accrued liabilities Common stock Retained earnings Sales revenue Cost of goods sold Salaries expense Rent expense Advertising expense Dividends Totals Debits Credits $5,700 2,700 5,700 11,700 $ 4,200 3,700 0 9,000 8,900 0 0 0 0 0 0 $ $ 25,800 25,800 The following transactions occurred during January 2024: The full amount is due in 15 days. January 1 Sold inventory for cash, $4,200. The cost of the inventory was $2,700. The company uses the perpetual inventory system. January 2 Purchased equipment on account for $6,200 from the Strong Company. January 4 Received a $200 invoice from the local newspaper requesting payment for an advertisement that Whitlow placed in the paper on January 2. Sold inventory on account for $5,700. The cost of the inventory was $3,500. January 8 January 10 Purchased inventory on account for $9,850. January 13 Purchased equipment for cash, $900. January 16 Paid the entire amount due to the Strong Company. January 18 Received $5,400 from customers on account. January 20 Paid $900 to the owner of the building for January's rent. January 30 Paid employees $3,700 for salaries for the month of January. January 31 Paid a cash dividend of $900 to shareholders. Problem 2-2 (Algo) Part 2 Required: 2. Prepare general journal entries to record each transaction. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet 1 2 3 4 LO 5 6 7 8 13 > Sold inventory for cash, $4,200. Record the sale. Note: Enter debits before credits. Date January 01, 2024 General Journal Debit Credit Cash 4,200 Sales revenue 4,200 Record entry View general journal