The following is the post-closing trial balance for the Whitlow Manufacturing Corporation as of December 31, 2020 Credits Debits 4,000 1,000 4,000 10,000 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 Totals 2,500 2,000 8,000 6,500 0 0 0 0 19,000 19,000 The following transactions occurred during January 2021: Jan. 1 Sold merchandise for cash, $2,500. The cost of the merchandise was $1,000. The company uses the perpetual inventory system. 2 Purchased equipment on account for $4,500 from the strong company. 4 Received a $100 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 $4,000. The cost of the merchandise was $1,800. 10 Purchased merchandise on account for $9,000. 13 Purchased equipment for cash, $700. 16 Paid the entire amount due to the Strong company. 18 Received $3,900 from customers on account. 20 Paid $700 to the owner of the building for January's rent. 30 Paid employees $2,000 for salaries for the month of January. 31 Paid a cash dividend of $800 to shareholders. 1. & 3. Enter the beginning balances as of January 1, 2021 and post the entries to T-accounts. (Enter the date of the transaction i column next to the amount.) Cash Accounts Receivable Beg bal. 2,500 700 * Beg bal 4,000 X 3,900 3,900 4,500 700 2,000 800 ooo End. bal 2,300 End. bal 100 Beg bal Inventory 9,000 X 1,000 Equipment 4,500 Beg bal x 1,800 700 Accumulated Depreciation Accounts Payable Beg. bal, Beg. bal. 4,500 X 4,500 9,000 End. bal. End. bal. 9,000 Common Stock + Dividends Beg. bal. Beg. bal. 800 End. bal End. bal. 800 Retained Earnings Sales Revenue Beg. bal. Beg. bal. 2,500 4,000 bal. Cost of Goods Sold Rent Expense Beg. bal. 1,000 X Beg. bal. 700 X 1,800 End. End. bal. 2,800 700 bal. Salaries Expense Advertising Expense Beg. Beg. bal. 2,000 100 bal. End. bal. 2,000 End. bal. 100