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The following is the post-closing trial balance for the Whitlow Manufacturing Corporation as of December 31,2023. The following transactions occurred during January 2024 : January
The following is the post-closing trial balance for the Whitlow Manufacturing Corporation as of December 31,2023. The following transactions occurred during January 2024 : January 1 Sold inventory for cash, $4,500. The cost of the inventory was $3,000. The company uses the perpetual inventory system. January 2 Purchased equipment on account for $6,500 from the Strong Company. The full amount is due in 15 days. January 4 Received a $200 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 $6,000. The cost of the inventory was $3,800. January 10 Purchased inventory on account for $10,000. January 13 Purchased equipment for cash, $900. January 16 Paid the entire amount due to the Strong Company. January 18 Received $6,000 from customers on account. January 20 Paid $900 to the owner of the building for January's rent. January 30 Paid employees $4,000 for salaries for the month of January. January 31 Paid a cash dividend of $900 to shareholders. Required: 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. Journal entry worksheet Note: Enter debits betore credits. Journal entry worksheet 5668 Sold inventory for cash. The cost of the inventory sold was $3,000. The company uses the perpetual inventory system. Record the cost of the sale. Note: Enter debits before credits. Journal entry worksheet 813 Purchased equipment on account for $6,500 from the Strong Company. The full amount is due in 15 days. Note: Enter debits before credits. Journal entry worksheet 813 Received a $200 invoice from the local newspaper requesting payment for an advertisement that Whitlow placed in the paper on January 2. Note: Enter debits before credits. Journal entry worksheet $6,000. Record the sale. Note: Enter debits before credits. Journal entry worksheet 1 813 Sold inventory on account. The cost of the inventory sold was $3,800. Record the cost of the sale. Note: Enter debits before credits. Journal entry worksheet 1 5 Note: Enter debits before credits. Journal entry worksheet 1 4 5 Note: Enter debits before credits. Journal entry worksheet
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