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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 post-closing trial balance for the Whitlow Manufacturing Corporation as of December 31,2023.
\table[[Account Title,Debits,Credits],[Cash,$4,200,],[Accounts receivable,1,200,],[Inventory,4,200,],[Equipment,10,200,],[Accumulated depreciation,$2,700,],[Accounts payable,2,200,],[Accrued liabilities,0,],[Common stock,10,000,],[Retained earnings,0,900,],[Sales revenue,0,0],[Cost of goods sold,0,],[Salaries expense,0,],[Rent expense,0,],[Advertising expense,19,800,$19,800
The following transactions occurred during January 2024:
January 1 Sold inventory for cash, $2,700. The cost of the inventory was $1,200. The company uses the perpetual inventory system.
January 2
Purchased equipment on account for $4,700 from the Strong Company. The full amount is due in 15
January 4 days.
Received a $150 invoice from the local newspaper requesting payment for an advertisement that Whit low placed in the paper on January 2.
January 8 Sold inventory on account for $4,200. The cost of the inventory was $2,000.
January 10 Purchased inventory on account for $9,100.
January 13 Purchased equipment for cash, $800.
January 16 Paid the entire amount due to the Strong Company.
January 18 Received $3,800 from customers on account.
January 20 Paid $800 to the owner of the building for January's rent.
January 30 Paid employees $2,200 for salaries for the month of January.
January 31 Paid a cash dividend of $1,000 to shareholders.

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