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[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		5,500
Accounts receivable		2,500
Inventory		5,500
Equipment		11,500
Accumulated depreciation					4,000
Accounts payable					3,500
Common stock					8,000
Retained earnings					9,500
Sales revenue					0
Cost of goods sold		0
Salaries expense		0
Rent expense		0
Advertising expense		0
Dividends		0
Totals		25,000			25,000

The following transactions occurred during January 2021:

Jan.		1		Sold merchandise for cash, $4,000. The cost of the merchandise was $2,500. The company uses the perpetual inventory system.
		2		Purchased equipment on account for $6,000 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.
		8		Sold merchandise on account for $5,500. The cost of the merchandise was $3,300.
		10		Purchased merchandise on account for $9,750.
		13		Purchased equipment for cash, $700.
		16		Paid the entire amount due to the Strong Company.
		18		Received $5,000 from customers on account.
		20		Paid $700 to the owner of the building for Januarys rent.
		30		Paid employees $3,500 for salaries for the month of January.
		31		Paid a cash dividend of $800 to shareholders.

rev: 06_05_2020_QC_CS-213977, 01_29_2021_QC_CS-250146

1. & 3. Enter the beginning balances as of January 1, 2021 and post the entries to T-accounts.