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The following is the post-closing trial balance for the Whitlow Manufacturing Corporation as of December 31, 2015. Account Title Debits Credits Cash 4,100 Accounts receivable
The following is the post-closing trial balance for the Whitlow Manufacturing Corporation as of December 31, 2015.
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The following transactions occurred during January 2016: |
Jan. 1 | Sold merchandise for cash, $2,600. The cost of the merchandise was $1,100. The company uses the perpetual inventory system. | |
2 | Purchased equipment on account for $4,600 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 $4,100. The cost of the merchandise was $1,900. | |
10 | Purchased merchandise on account for $9,050. | |
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 $2,100 for salaries and wages for the month of January. | |
31 | Paid a cash dividend of $900 to shareholders. |
Required: |
2. | Prepare general journal entries to record each transaction. |
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