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 4,900 1,900 4,900 10,900 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 Totals 3,400 2,900 8,000 8,300 @ 22,600 22,680 The following transactions occurred during January 2021; Jan. 1 Sold merchandise for cash, $3,400. The cost of the merchandise was $1,900. The company uses the perpetual inventory system. 2 Purchased equipment on account for $5,400 from the Strong Company. 4 Received a $100 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 $4,900. The cost of the merchandise was $2,700. 10 Purchased merchandise on account for $9,450. 13 Purchased equipment for cash, $700. 16 Paid the entire amount due to the Strong Company. 18 Received $3,900 from customers on account. 20 Paid $700 to the owner of the building for January's rent. 30 Paid employees $2,900 for salaries for the month of January. 31 Paid a cash dividend of $800 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.) Cash Accounts Receivable Bog. bal. Beg, bal End, bal End, bal Inventory Equipment Beg bal Beg bal End, bal End, bal Accumulated Depreciation Accounts Payable Beg bal Beg bal End, bal End, bal Dividends Common Stock Beg. bal Beg bat End, bal End, bal Sales Revenue Retained Earings Beg bal Beg bal B 9 MacBook Air Retained Earnings Sales Revenue Beg bal Beg, bal End, bal. End, bal Cost of Goods Sold Rent Expense Beg bal. Beg. bal. End, bal End, bal Salaries Expense Advertising Expense Bog, bal Beg. bal. End, bal. End, bal