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. Credits Debits 5, 3ee 2,300 5,300 11,300 3,800 3,380 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 10, eee 7,100 The following transactions occurred during January 2021: Jan. 1 Sold merchandise for cash, $3,800. The cost of the merchandise was $2,380. The company uses the perpetual inventory system. 2 Purchased equipment on account for $5,800 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 $5,380. The cost of the merchandise was $3,100. 10 Purchased merchandise on account for $9,650. 13 Purchased equipment for cash, $888. 16 Paid the entire amount due to the Strong Company. 18 Received $4,600 from customers on account. 20 Paid $800 to the owner of the building for January's rent. 30 Paid employees $3,300 for salaries for the month of January. 31 Paid a cash dividend of $1,000 to shareholders. Problem 2-2 (Algo) Parts 1 and 3 1. & 3. Enter the beginning balances as of January 1, 2021 and post the entries to T-accounts. (Enter the date of the transaction in the column next to the amount.) Cash Accounts Receivable 2.300 Beg. bal. 5,300 Beg. bal. End. bal. 9.100 End. bal. 2.300 Inventory 5.300 Equipment 11,300 Beg. bal. Beg. bal. End. bal. 5.300 End, bal. 11,300 Accumulated Depreciation 3.800 Accounts Payable 3.300 Beg. bal. Beg. bal. End, bal. 3.800 End, bal. 3,300 Accrued Liabilities Common Stock 10,000 Beg. bal. Beg. bal. End, bal. 10.000 End, bal. Dividends Retained Earnings 7.100 Beg. bal. Beg. bal. End, bal. End. bal. 7.100 Sales Revenue Cost of Goods Sold 01 Beg bal Beg., bal. End, bal End, bal Rent Expense Salaries Expense Beg bal. Beg. bal. End, bal End, bal. Advertising Expense Beg. bal. End, bal