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, 2020 Credits Debits 4,200 1,209 4,200 10,200 2,700 2,200 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 10,000 4,900 19,800 19,800 The following transactions occurred during January 2021 Jan. 1 Sold merchandise for cash, $2,700. The cost of the merchandise was $1,200. The company uses the perpetual inventory system. 2 Purchased equipment on account for $4,709 from the Strong company. 4 Received a $150 invoice from the local newspaper requesting payment for an advertisement that whitlow placed the paper on January 2. 8 Sold merchandise on account for 54,200. The cost of the merchandise was $2,000. 10 Purchased merchandise on account for $9,100. 13 Purchased equipment for cash, $800. 16 Paid the entire amount due to the strong company. 18 Received $3,500 from customers on account. 20 Pald $500 to the owner of the building for January's rent. 30 Paid employees $2,200 for salaries for the month of January. 31 Paid a cash dividend of $1,000 to shareholders. 31 Paid a cash dividend of $1,000 to shareholders. 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.) of 3 Accounts Receivable Beg bal. 2.700 Beg bal End bal 2.700 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 Accrued Liabilities Beg bal Beg bal Next Part 2013 End bal End bal Dividends Retained Earnings Beg bal Beg ball Sales Revenue Cost of Goods Sold Beg bal Beg bal End bal Rent Expense Salaries Expense Beg bal End, bal End. bal Advertising Expense Beg bal 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, 2020 Credits Debits 4,200 1,209 4,200 10,200 2,700 2,200 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 10,000 4,900 19,800 19,800 The following transactions occurred during January 2021 Jan. 1 Sold merchandise for cash, $2,700. The cost of the merchandise was $1,200. The company uses the perpetual inventory system. 2 Purchased equipment on account for $4,709 from the Strong company. 4 Received a $150 invoice from the local newspaper requesting payment for an advertisement that whitlow placed the paper on January 2. 8 Sold merchandise on account for 54,200. The cost of the merchandise was $2,000. 10 Purchased merchandise on account for $9,100. 13 Purchased equipment for cash, $800. 16 Paid the entire amount due to the strong company. 18 Received $3,500 from customers on account. 20 Pald $500 to the owner of the building for January's rent. 30 Paid employees $2,200 for salaries for the month of January. 31 Paid a cash dividend of $1,000 to shareholders. 31 Paid a cash dividend of $1,000 to shareholders. 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.) of 3 Accounts Receivable Beg bal. 2.700 Beg bal End bal 2.700 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 Accrued Liabilities Beg bal Beg bal Next Part 2013 End bal End bal Dividends Retained Earnings Beg bal Beg ball Sales Revenue Cost of Goods Sold Beg bal Beg bal End bal Rent Expense Salaries Expense Beg bal End, bal End. bal Advertising Expense Beg bal
