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Required information [ The following information applies to the questions displayed below. ] The following is the post - closing trial balance for the Whitlow
Required information
The following information applies to the questions displayed below.
The following is the postclosing trial balance for the Whitlow Manufacturing Corporation as of December
tableAccount Title,Debits,CreditsCash$Accounts receivable,InventoryEquipmentAccumulated depreciation,,Accounts payable,,Accrued liabilities,Common stock,Retained earnings,Sales revenue,Cost of goods sold,Salaries expense,Rent expense,$
The following transactions occurred during January :
January Sold inventory for cash, $ The cost of the inventory was $ The company uses the perpetual inventory system.
January Purchased equipment on account for $ from the Strong Company. The full amount is due in days.
January Received a $ invoice from the local newspaper requesting payment for an advertisement that Whitlow placed in the paper on January
January Sold inventory on account for $ The cost of the inventory was $
January Purchased inventory on account for $
January Purchased equipment for cash, $
January Paid the entire amount due to the Strong Company.
January Received $ from customers on account.
January Paid $ to the owner of the building for January's rent.
January Paid employees $ for salaries for the month of January.
January Paid a cash dividend of $ to shareholders.
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