! Required information Problem 2-2 (Algo) Accounting cycle through unadjusted trial balance [LO2-3, 2-4] (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. Account Title Debits Credits Cash 5,900 Accounts receivable 2,900 Inventory 5,900 Equipment 11,900 Accumulated depreciation 4,400 Accounts payable 3,900 Common stock 10,000 Retained earnings 8,300 Sales revenue 0 Cost of goods sold 0 Salaries expense Rent expense Advertising expense Dividends Totals 0 0 26,600 26,600 The following transactions occurred during January 2021: Jan. 1 Sold merchandise for cash, $4,400. The cost of the merchandise was $2,900. The company uses the perpetual inventory system. 2 Purchased equipment on account for $6,400 from the Strong Company. 4 Received a $150 invoice from the local newspaper requesting payment for an advertisement that Whitlow placed in the paper on January 2. 8 Sold merchandise on account for $5,900. The cost of the merchandise was $3,700. 10 Purchased merchandise on account for $9,950. 13 Purchased equipment for cash, $800. 16 Paid the entire amount due to the Strong Company. 18 Received $5,800 from customers on account. 20 Paid $800 to the owner of the building for January's rent. 30 Paid employees $3,900 for salaries for the month of January. 31 Paid a cash dividend of $1,000 to shareholders.