I've completed requirements 1-3, if you could please complete 4-8 that would be much appreciated!!
Use the information on the following page to complete the following requirements. 1. Set up the necessary T-accounts and enter the beginning balances. 2. Prepare and post journal entries to the accounts for the summary transactions (a-k). 3. Prepare an unadjusted trial balance. 4. Prepare and post-adjusting entries to the accounts. 5. Prepare an adjusted trial balance. 6. Prepare an income statement for 2021 (ignore taxes) and a balance sheet as of December 31 2021. 7. Prepare and post-closing entries to the accounts. 8. Prepare a post-closing trial balance. The general ledger of the Whitlow Manufacturing Corporation at January 1, 2021, contained the following account balances: Credits Account Title Cash Accounts Receivable Inventory Equipment Accumulated Depreciation Accounts Payable Salaries Payable Common Stock Retained Earnings Debits 10,000 15,000 11,000 20,000 6,000 3,000 9,000 28,500 9,500 The following is a summary of the transactions for the year: a. Sold merchandise for cash, $8,500. The cost of the merchandise was $4,800. The company uses the perpetual inventory system. b. Purchased equipment on account for $5,500 from the Strong Company. C. Received a $150 bill from the local newspaper for an advertisement that appeared in the paper during January d Purchased merchandise on account for $9,500. e. Purchased supplies of $600 in cash. f. Collected on accounts receivable, $10.000. g. Issued shares of common stock in exchange for $10,000 in cash. h. Paid salaries, $12,500. 1 Paid miscellaneous expenses, $2.000. Paid $5,000 of the bill to Strong Company k Paid $1,400 in cash dividends to shareholders, Information necessary to prepare the year-end adjusting entries: 1. Depreciation on the equipment for the year is $500. m. Employee salaries are paid once a month, on the 3rd of the following month. Salaries earned during December were $400. n. On October 1, 2021, Whitlow borrowed $10,000 from a local bank and signed a note. The note requires interest to be paid annually on September 30 at 12%. The principal is due in 4 years. o. On March 1, 2021, the company paid an insurance company $6,000 for a two-year fire insurance policy p. $200 of supplies remained on hand at December 31, 2021. On December 1, 2021, $1,000 rent was paid to the owner of the building. The payment represented rent for December and January 2022, at $500 per month. 1. Journal Entries - Whitlow Manufacturing Corporation Journal Entries Acres TRD Debit 1 ca SI Sales Revenue SEO To record sales revenue earned in cash 22 Cost of Goods Sold S Inventory To record cost of rods sold incurred 4.300 3.500 Equipment 500 Accounts Payable ES To record equipment purchased on account) Advertising Expense S 150 Accounts Payable 5 To record advertising Epens incurred) 150 9.500 ventory Accounts Payable $ To record inventory purchased on account Supplies 5 cash $ To record supplies purchased in cash . 600 ca 510.000 Accounts Receivable Te record amount received on count 30.000 Cash 5 10.000 Come Stock To recortance of common stock 5 10.000 Sale S 12.00 cash 5 12.500 To record salaries experienced Miscellaneous Expert 52.000 Tcash $ 2.000 Po racord micos Expense incurred 1 Arrounts Payable 55.000 CAN 55.000 Te record payment made on account) SS. Dividend 51.000 S 1,400 To record dividend pain.ch 2. Trial Balance Whitlow Manufacturing Corporation Trial Balance Ast December 31, 2021 Accounts Det Credi Cash $17.000 Acous Receivable Inventory $15.00 Suppliers $0.00 Equipment S25.500 Accumulated Depreciation S 5.000 Accounts Payable $13.150 Salaries Payable 39.000 Common Stock SO nesaming 59.500 Dividend $ 1.400 Sales Reven 5.500 Cost of Goods Sold 14.00 Advertung Expense $ 150 Salaries expense Miscellaneous Expen S 2.000 $12.500 Total 54,850
