[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 5,000 Accounts receivable 2,000 Inventory 5,000 Equipment 11,000 Accumulated depreciation 3,500 Accounts payable 3,000 Common stock 10,000 Retained earnings 6,500 Sales revenue 0 Cost of goods sold Salaries expense Rent expense Advertising expense Dividends Totals 23,000 23.000 0 0 0 0 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 system. 2 Purchased equipment on account for $5,500 from the strong company. 4 Received a $iso invoice from the local newspaper requesting payment for an advertisement that whitlom placed in the paper on January 2. 8 sold merchandise on account for $5,000. The cost of the merchandise was $2,800. 10 Purchased merchandise on account for $9,500. 13 Purchased equipment for cash, $800. 16 Paid the ontre amount due to the Strong company. 18 Received $4,000 from customers on account. 20 Paid $800 to the owner of the building for January's rent. 30 paid employees $3,000 for salaries for the month of January 31 Paid a cash dividend of $1,000 to shareholders