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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		4,500
Accounts receivable		1,500
Inventory		4,500
Equipment		10,500
Accumulated depreciation					3,000
Accounts payable					2,500
Common stock					10,000
Retained earnings					5,500
Sales revenue					0
Cost of goods sold		0
Salaries expense		0
Rent expense		0
Advertising expense		0
Dividends		0
Totals		21,000			21,000

The following transactions occurred during January 2021:

Jan.		1		Sold merchandise for cash, $3,000. The cost of the merchandise was $1,500. The company uses the perpetual inventory system.
		2		Purchased equipment on account for $5,000 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 $4,500. The cost of the merchandise was $2,300.
		10		Purchased merchandise on account for $9,250.
		13		Purchased equipment for cash, $800.
		16		Paid the entire amount due to the Strong Company.
		18		Received $4,100 from customers on account.
		20		Paid $800 to the owner of the building for Januarys rent.
		30		Paid employees $2,500 for salaries for the month of January.
		31		Paid a cash dividend of $1,000 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. (Enter the date of the transaction in the column next to the amount.)

Cash Accounts Receivable Beg. bal. 71 Beg. bal. End. bal. 7 End. bal. Inventory Equipment Beg. bal. Beg. bal. End. bal. End. bal. Accumulated Depreciation Accounts Payable Beg. bal. Beg. bal. End. bal. End. bal. Common Stock Dividends Beg. bal. Beg. bal. End. bal. End. bal. Retained Earnings Sales Revenue Beg. bal. Beg. bal. End. bal. End. bal. Cost of Goods Sold Rent Expense Beg. bal. Beg. bal. End. bal. End. bal. Salaries Expense Advertising Expense Beg. bal. Beg. bal. End. bal. End. bal