Problems Saved Help (The following information applies to the questions displayed below.) The following is the post-closing trial balance for the Whitlow Manufacturing Corporation as of December 31, 2020 Credits Debits 4,300 1,300 4,300 10,300 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 Totals 2,800 2,300 @ 8,000 7,100 @ 20,200 20, 200 The following transactions occurred during January 2021 Jan. 1 sold merchandise for cash, $2,800. The cost of the merchandise was $1,300. The company uses the perpetual Inventory system, 2 Purchased equipent on account for $4,800 from the Strong Company. 4 Received a $100 Invoice from the local newspaper requesting payment for an advertisement that Whitlow placed in the paper on January 2. povertising expense Totals 20,200 20,280 The following transactions occurred during January 2021 Jan. 1 Sold merchandise for cash, $2,800. The cost of the merchandise was $1,300. The company uses the perp inventory system. 2 Purchased equipment on account for $4,800 from the Strong Company. 4 Received a $100 invoice from the local newspaper requesting payment for an advertisement that Whitlo the paper on January 2. 8 Sold merchandise on account for $4,300. The cost of the merchandise was $2,100. 10 Purchased merchandise on account for $9,150. 13 Purchased equipment for cash, $700. 16 Paid the entire amount due to the Strong Company. 18 Received $3,900 from customers on account. 20 Paid $700 to the owner of the building for January's rent. 30 Paid employees $2,300 for salaries for the month of January. 31 Paid a cash dividend of $800 to shareholders. 1. & 3. Enter the beginning balances as of January 1, 2021 and post the entries to T-accounts. (Enter the date of the tr column next to the amount.) Cash Accounts Receivable Beg. bal. Beg bal Required information Cash Accounts Receivable Beg. bal. Beg bal. End, bal. End, bal Inventory Equipment Beg bal. Beg bal End. bal. End, bal Accumulated Depreciation Accounts Payable Beg. bal. Beg bal Savod ractice Problems Required information End. Dal End, bal Common Stock Accrued Liabilities Beg bal Beg, bal End, bal End, bal Dividends Retained Earnings Beg bal Beg bal End. bal. End, bal Sales Revenue Cost of Goods Sold Beg bal. Beg. bal BI Beg. bal Beg bal. End bal. End, bal. Rent Expense Salaries Expense Beg. bal. Beg bal. End, bal. End, bal Advertising Expense Beg. bal
