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 Debits Credits Cash 5,eee Accounts receivable 2.ee Inventory 5,eee Equipment 11, eee Accumulated depreciation 3,500 Accounts payable 3,880 Connon stock 10,880 Retained earnings 6,500 Sales revenue Cost of goods sold Salaries expense Rent expense Advertising expense Totals 23,600 23.ee 3 The following transactions occurred during January 2021: Jan. 1 Sold merchandise for cash, $3,500. The cost of the merchandise was $2,880. The company uses the perpetual inventory system. 2 Purchased equipment on account for $5,5ee 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,eee. The cost of the merchandise was $2,88e. 10 Purchased merchandise on account for $9,580. 13 Purchased equipment for cash, $800. 16 Paid the entire amount due to the Strong company. 18 Received $4,000 from customers on account. 2e Paid $8ee to the owner of the building for January's rent. 30 Paid employees $3,6ee for salaries for the month of January. 31 Paid a cash dividend of $1,688 to shareholders. Required: 2 Prepare general Journal entries to record each transaction. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction at Journal entry worksheet