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The following is the post-closing trial balance for the Whitlow Manufacturing Corporation as of December 31, 2020. Account Title Debits Credits Cash 5,700 Accounts receivable

The following is the post-closing trial balance for the Whitlow Manufacturing Corporation as of December 31, 2020.

Account Title Debits Credits
Cash 5,700
Accounts receivable 2,700
Inventory 5,700
Equipment 11,700
Accumulated depreciation 4,200
Accounts payable 3,700
Accrued liabilities 0
Common stock 9,000
Retained earnings 8,900
Sales revenue 0
Cost of goods sold 0
Salaries expense 0
Rent expense 0
Advertising expense 0
Totals 25,800 25,800

The following transactions occurred during January 2021:

Jan. 1 Sold merchandise for cash, $4,200. The cost of the merchandise was $2,700. The company uses the perpetual inventory system.
2 Purchased equipment on account for $6,200 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 $5,700. The cost of the merchandise was $3,500.
10 Purchased merchandise on account for $9,850.
13 Purchased equipment for cash, $900.
16 Paid the entire amount due to the Strong Company.
18 Received $5,400 from customers on account.
20 Paid $900 to the owner of the building for Januarys rent.
30 Paid employees $3,700 for salaries for the month of January.
31 Paid a cash dividend of $900 to shareholders.

1. & 3. Enter the beginning balances as of January 1, 2021 and post the entries to T-accounts.

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