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The following is the post-closing trial balance for the Whitlow Manufacturing Corporation as of December 31, 2017. Account Title Debits Credits Cash 4,400 Accounts receivable
The following is the post-closing trial balance for the Whitlow Manufacturing Corporation as of December 31, 2017.
Account Title | Debits | Credits | ||||
Cash | 4,400 | |||||
Accounts receivable | 1,400 | |||||
Inventory | 4,400 | |||||
Equipment | 10,400 | |||||
Accumulated depreciationequipment | 2,900 | |||||
Accounts payable | 2,400 | |||||
Common stock | 9,000 | |||||
Retained earnings | 6,300 | |||||
Sales revenue | 0 | |||||
Cost of goods sold | 0 | |||||
Salaries and wages expense | 0 | |||||
Rent expense | 0 | |||||
Advertising expense | 0 | |||||
Totals | 20,600 | 20,600 | ||||
The following transactions occurred during January 2018:
Jan. | 1 | Sold merchandise for cash, $2,900. The cost of the merchandise was $1,400. The company uses the perpetual inventory system. | ||
2 | Purchased equipment on account for $4,900 from the Strong Company. | |||
4 | Received a $200 bill from the local newspaper for an advertisement that appeared in the paper on January 2. | |||
8 | Sold merchandise on account for $4,400. The cost of the merchandise was $2,200. | |||
10 | Purchased merchandise on account for $9,200. | |||
13 | Purchased equipment for cash, $900. | |||
16 | Paid the entire amount due to the Strong Company. | |||
18 | Received $4,000 from customers on account. | |||
20 | Paid $900 to the owner of the building for Januarys rent. | |||
30 | Paid employees $2,400 for salaries and wages for the month of January. | |||
31 | Paid a cash dividend of $900 to shareholders. |
Prepare general journal entries to record each transaction. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
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