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 5,100 2,100 5,100 11,100 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 3,600 3,100 9,000 7,700 0 0 0 0 23,400 23,400 The following transactions occurred during January 2021: Jan. 1 Sold merchandise for cash, $3,600. The cost of the merchandise was $2,100. The company uses the perpetual inventory system. 2 Purchased equipment on account for $5,600 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 $5,100. The cost of the merchandise was $2,900. 10 Purchased merchandise on account for $9,550. 13 Purchased equipment for cash, $900. 16 Paid the entire amount due to the Strong Company. 18 Received $4,200 from customers on account. 20 Paid $900 to the owner of the building for January's rent. 30 Paid employees $3,100 for salaries for the month of January. 31 Paid a cash dividend of $900 to shareholders. 1. & 3. Enter the beginning balances as of January 1, 2021 and post the entries to T-accounts. (Enter the column next to the amount.) Cash Accounts Receivable 5, 100 2,100 Beg. bal. 1/1 Beg. bal. 1/8 5,100 4,200 1/18 3,600 4,200 1/18 900 1/13 5,600 1/16 900 1/20 3,100 1/30 900 1/31 End. bal. 1,500 End. bal. 3,000 Inventory Equipment Beg. bal. 5,100 Beg. bal. 11,100 2,100 1/1 1/2 5,600 2,900 1/8 1/13 900 9,550 > 1/10 End. bal. 9,650 End. bal. 17,600 Accumulated Depreciation Accounts Payable Beg. bal. 3,600 X 3,100 X Beg. bal. 1/2 5,600 5,600 1/16 1/4 200 1/10 9,550 X End. bal. 3,600 End. bal. 12,850 Common Stock Dividends Beg. bal. 9,000 X Beg. bal. 0 1/31 900 900 1/31 End. bal. 9,000 End. bal. Retained Earnings Sales Revenue Beg. bal. Beg. 7,700 X 9,550 X 0 bal. 900 X 1/1 8,700 X (5,000) X (200) 3,600 X 5,100 3,100 X 1/8 900 x End. End. bal. 3,250 bal. 8,700 Cost of Goods Sold Rent Expense Beg. bal. 0 Beg. bal. 0 1/1 2,100 1/20 900 900 1/20 End. bal. 2,100 End. bal. Salaries Expense Advertising Expense Beg. 0 Beg. bal. 0 bal. 1/30 3,100 3,100 X 1/30 1/4 200