[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 5,000 2,000 5,000 11,000 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 Dividends Totals 1,500 3,000 10,000 6,500 0 23,000 23,000 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 $5,5ce 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 $5,000. 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 entire amount due to the Strong Company. +0. df The following transactions occurred during January 2021: Jan. 1 Sold merchandise for cash, 53,500. the cost of the merchandise was $2,000. The cows the perpetual inventory system 2 Purchased quipment on account for 55,500 from the strong Company 4 Received = $150 invoice from the local newspaper requesting payment for an advertisement that whitlow placed the paper on January 2. 8 Sold mechandise on account for $5,000. The cost of the merchandise was $2,100. 10 Purchased merchandise on account for $9,500. 13 Purchased equipment for cash, $800 16 Paid the entire 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 3e Paid employees $3,000 for salaries for the month of January 31 Paid a cash dividend of $1,000 to shareholders Required: 2. Prepare general Journal entries to record each transaction of no entry is required for otronsactionevent, select "No Journal entry required" in the first account field.)