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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,
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, 2023.
Account Title | Debits | Credits |
---|---|---|
Cash | $ 5,300 | |
Accounts receivable | 2,300 | |
Inventory | 5,300 | |
Equipment | 11,300 | |
Accumulated depreciation | $ 3,800 | |
Accounts payable | 3,300 | |
Accrued liabilities | 0 | |
Common stock | 10,000 | |
Retained earnings | 7,100 | |
Sales revenue | 0 | |
Cost of goods sold | 0 | |
Salaries expense | 0 | |
Rent expense | 0 | |
Advertising expense | 0 | |
Dividends | 0 | |
Totals | $ 24,200 | $ 24,200 |
The following transactions occurred during January 2024:
January 1 | Sold inventory for cash, $3,800. The cost of the inventory was $2,300. The company uses the perpetual inventory system. |
---|---|
January 2 | Purchased equipment on account for $5,800 from the Strong Company. The full amount is due in 15 days. |
January 4 | Received a $150 invoice from the local newspaper requesting payment for an advertisement that Whitlow placed in the paper on January 2. |
January 8 | Sold inventory on account for $5,300. The cost of the inventory was $3,100. |
January 10 | Purchased inventory on account for $9,650. |
January 13 | Purchased equipment for cash, $800. |
January 16 | Paid the entire amount due to the Strong Company. |
January 18 | Received $4,600 from customers on account. |
January 20 | Paid $800 to the owner of the building for Januarys rent. |
January 30 | Paid employees $3,300 for salaries for the month of January. |
January 31 | Paid a cash dividend of $1,000 to shareholders. |
4. Prepare an unadjusted trial balance as of January 31, 2024.
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