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

Common stock

$10,000$

Retained earnings

$7,100$

Sales revenue

$0$

Cost of goods sold

Salaries expense

Rent expense

$0$

Advertising expense

Dividends

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 $15$

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 January's 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.

$2.$ Prepare general journal entries to record each transaction.

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.

View transaction list

Journal entry worksheet

$1$

$2$

$3$

$4$

$5$

$6$

Sold inventory for cash, $$3,800.$ Record the sale.

$7$

$8$

$.....$

$13$

Note: Enter debits before credits.

Date

General Journal

Debit

Credit

January $01,2024$