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 5,000 2,000 5,000 11,000 Account Title Cash Accounts receivable Inventory Equipment Accumulated depreciation Accounts payable Common stock Retained earnings Sales revenue Cost of goods sold Salaries expense Rent expense Advertising expense Dividends Totals 3,500 3,000 10,000 6,500 0 OOOO 0 23,000 23,000 The following transactions occurred during January 2021: Jan. 1 Sold merchandise for cash, $3,500. The cost of the merchandise was $2,000. The company uses the perpetual inventory system. 2 Purchased equipment on account for $5,500 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 $5,000. The cost of the merchandise was $2,800. 10 Purchased merchandise on account for $9,500. 13 Purchased equipment for cash, $800. 16 Paid the entire amount due to the Strong Company. 18 Received $4,000 from customers on account. 20 Paid $800 to the owner of the building for January's rent. 30 Paid employees $3,000 for salaries for the month of January. 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.) Answer is not complete. Beg bal. 1/1 Cash 5,600 4,100 5,200 Beg. bal. 1/8 Accounts Receivable 2,600 5,600 5,200 800 1/18 1/18 1/13 6,100 1/16 800 1/20 3,600 X 1/30 1,000 1/31 >>> End. bal. 2,600 End. bal. 3,000 1 Required information Beg. Beg. bal. Inventory 5,600 9,800 2,600 X 1/1 3,400 X 1/8 bal. 1/2 Equipment 11,600 6,100 800 1/10 1/13 End. bal. 9,400 End. bal. 18,500 Accumulated Depreciation Beg. bal. Beg. bal. 1/16 4,100 X 1/1 X Accounts Payable 3,600 % 6,100 % 6,100 1/2 150 1/4 9,800 1/10 End. bal. 4,100 End. bal. 13,550 Common Stock Dividends Beg. bal. 10,000 Beg. bal. End. bal. 10,000 End. bal. Sales Revenue Retained Earnings 7,700 Beg bal 1/31 Beg. bal. 0 1,000 1/1 4,100 5,600 1/8 End. bal. 6,700 End. bal. 9,700 Cost of Goods Sold Rent Expense 0 0 Beg. bal. 1/1 Beg. bal. 1/20 800 2,600 3,400 1/8 End. bal. 6,000 End. bal. 800 Advertising Expense Salaries Expense 0 0 Beg. bal. 1/20 Beg. bal. 1/4 800 150 End. bal. 800 End. bal. 150