The following is the post-closing trial balance for the Whitlow Manufacturing Corporation as of December 31, 2023. Account Title Debits Credits Cash $ 5,500 Accounts receivable 2,500 Inventory 5,500 Equipment 11,500 Accumulated depreciation $ 4,000 Accounts payable 3,500 Accrued liabilities 0 Common stock 8,000 Retained earnings 9,500 Sales revenue 0 Cost of goods sold 0 Salaries expense 0 Rent expense 0 Advertising expense 0 Dividends 0 Totals $ 25,000 $ 25,000 The following transactions occurred during January 2024: January 1 Sold inventory for cash, $4,000. The cost of the inventory was $2,500. The company uses the perpetual inventory system. January 2 Purchased equipment on account for $6,000 from the Strong Company. The full amount is due in 15 days. January 4 Received a $100 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 $5,500. The cost of the inventory was $3,300. January 10 Purchased inventory on account for $9,750. January 13 Purchased equipment for cash, $700. January 16 Paid the entire amount due to the Strong Company. January 18 Received $5,000 from customers on account. January 20 Paid $700 to the owner of the building for Januarys rent. January 30 Paid employees $3,500 for salaries for the month of January. January January 31 Paid a cash dividend of $800 to shareholders