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,eee Inventory 5.cee Equipment 11, eee Accumulated depreciation 3,500 Accounts payable 3,880 Connon stock 10,080 Retained earnings 6,500 Sales revenue Cost of goods sold Salaries expense Rent expense Advertising expense Totals 23,600 23,00 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 systent. 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. 1e Purchased merchandise on account for $9,580. 13 Purchased equipment for cash, $888. 16 Paid the entire amount due to the Strong company. 18 Received $4,880 from customers on account. 20 Paid $8ee to the owner of the building for January's rent. 38 Paid employees $3,eee for salaries for the month of January. 31 Paid a cash dividend of $1,eee 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.) Cach Account Recalvable Beg bal Beobal End, bal Endal Inventory Equipment Bog, bal Bobal End, bal Endal Aboumulated Depreciation Accounts Payable Bog. bal. Bogel End, bal Endal Common took Dividends Beg ball Beobal End, bal Endbal Ratinad Earnings Balat Revenue Bog, bal Bobal End, bal Endal Cost of Goods Sold Rent Expance Bog, bal Boga End, bal Endbal Salaries Expanta Adverticing Expence Bog, bal Bobal End. bal. Endal 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,eee Inventory 5.cee Equipment 11, eee Accumulated depreciation 3,500 Accounts payable 3,880 Connon stock 10,080 Retained earnings 6,500 Sales revenue Cost of goods sold Salaries expense Rent expense Advertising expense Totals 23,600 23,00 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 systent. 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. 1e Purchased merchandise on account for $9,580. 13 Purchased equipment for cash, $888. 16 Paid the entire amount due to the Strong company. 18 Received $4,880 from customers on account. 20 Paid $8ee to the owner of the building for January's rent. 38 Paid employees $3,eee for salaries for the month of January. 31 Paid a cash dividend of $1,eee 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.) Cach Account Recalvable Beg bal Beobal End, bal Endal Inventory Equipment Bog, bal Bobal End, bal Endal Aboumulated Depreciation Accounts Payable Bog. bal. Bogel End, bal Endal Common took Dividends Beg ball Beobal End, bal Endbal Ratinad Earnings Balat Revenue Bog, bal Bobal End, bal Endal Cost of Goods Sold Rent Expance Bog, bal Boga End, bal Endbal Salaries Expanta Adverticing Expence Bog, bal Bobal End. bal. Endal
