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. Account Title Cash Accounts receivable Inventory Equipment Accumulated depreciation Accounts payable Common stock Debits 5,400 Credits 2,400 5,400 11,400 3,900 3,400 9,000 Retained earnings 8,300 Sales revenue 0 Cost of goods sold 0 Salaries expense Rent expense Advertising expense Dividends Totals 0 24,600 24,600 The following transactions occurred during January 2021: Jan. 1 Sold merchandise for cash, $3,900. The cost of the merchandise was $2,400. The company uses the perpetual inventory system. 2 Purchased equipment on account for $5,900 from the Strong Company. 4 Received a $200 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 $5,400. The cost of the merchandise was $3,200. 10 Purchased merchandise on account for $9,700. 13 Purchased equipment for cash, $900. 16 Paid the entire amount due to the Strong Company. 18 Received $4,800 from customers on account. 20 Paid $900 to the owner of the building for January's rent. 30 Paid employees $3,400 for salaries for the month of January. 31 Paid a cash dividend of $900 to shareholders.