The following is the post-closing trial balance for the Whitlow Manufacturing Corporation as of December 31, 2020. Credits Debits 5, 100 2,100 5, 100 11, 100 Account Title Cash Accounts receivable Inventory Equipment Accumulated depreciation Accounts payable Accrued liabilities Common stock Retained earnings Sales revenue Cost of goods sold Salaries expense Rent expense Advertising expense Totals 3,600 3, 100 0 9,000 7, 700 23, 400 23,400 The following transactions occurred during January 2021: Jan. 1 Sold merchandise for cash, $3,600. The cost of the merchandise was $2,100. The company uses the perpetual inventory system. 2 Purchased equipment on account for $5,600 from the Strong Company. 4 Received a $200 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 $5,100. The cost of the merchandise was $2,900. 10 Purchased merchandise on account for $9,550. 13 Purchased equipment for cash, $900 16 Paid the entire amount due to the Strong company. 18 Received $4, 200 from customers on account. 20 Paid $900 to the owner of the building for January's rent. 30 Paid employees $3,100 for salaries for the month of January. 31 Paid a cash dividend of $900 to shareholders. The following is the post-closing trial balance for the Whitlow Manufacturing Corporation as of December 31, 2020. Credits Debits 5, 100 2,100 5, 100 11, 100 Account Title Cash Accounts receivable Inventory Equipment Accumulated depreciation Accounts payable Accrued liabilities Common stock Retained earnings Sales revenue Cost of goods sold Salaries expense Rent expense Advertising expense Totals 3,600 3, 100 0 9,000 7, 700 23, 400 23,400 The following transactions occurred during January 2021: Jan. 1 Sold merchandise for cash, $3,600. The cost of the merchandise was $2,100. The company uses the perpetual inventory system. 2 Purchased equipment on account for $5,600 from the Strong Company. 4 Received a $200 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 $5,100. The cost of the merchandise was $2,900. 10 Purchased merchandise on account for $9,550. 13 Purchased equipment for cash, $900 16 Paid the entire amount due to the Strong company. 18 Received $4, 200 from customers on account. 20 Paid $900 to the owner of the building for January's rent. 30 Paid employees $3,100 for salaries for the month of January. 31 Paid a cash dividend of $900 to shareholders