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Please answer all of them and I will rate you The general ledger of the Whitlow Manufacturing Corporation at January 1, 2021, contained the following
Please answer all of them and I will rate you
The general ledger of the Whitlow Manufacturing Corporation at January 1, 2021, contained the following account balances: Credits Debits 10,000 15,000 11,000 20,000 Account Title Cash Accounts Receivable Inventory Equipment Accumulated Depreciation Accounts Payable Salaries Payable Common Stock Retained Earnings 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. i. Paid miscellaneous expenses, $2,000. j. Paid $5,000 of the bill to Strong Company. k. Paid $1,400 in cash dividends to shareholdersStep by Step Solution
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