Wk 2 - Apply: Summative Assessment [due Day 7] i Saved Help Save & Exit Submit 2 Required information [The following information applies to the questions displayed below.] The following is the post-closing trial balance for the Whitlow Manufacturing Corporation as of December 31, 2020. Part 2 of 3 25 points Account Title Cash Accounts receivable Inventory eBook References Equipment Accumulated depreciation Accounts payable Common stock Retained earnings Sales revenue Cost of goods sold Salaries expense Rent expense Advertising expense Dividends Totals Debits 5,400 Credits 2,400 5,400 11,400 3,900 3,400 9,000 8,300 0 0 0 0 0 24,600 24,600 The following transactions occurred during January 2021: Jan. 1 Sold merchandise for cash, $3,900. The cost of the merchandise was $2,400. The company uses the perpetual inventory system. 2 Purchased equipment on account for $5,900 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 $5,400. The cost of the merchandise was $3,200. 10 Purchased merchandise on account for $9,700. 13 Purchased equipment for cash, $900. 16 Paid the entire amount due to the Strong Company. Wk 2 - Apply: Summative Assessment [due Day 7] Saved Help Save & Exit Submit Jan. 1 Sold merchandise for cash, $3,900. The cost of the merchandise was $2,400. The company uses the perpetual inventory system. 2 Part 2 of 3 2 Purchased equipment on account for $5,900 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 $5,400. The cost of the merchandise was $3,200. 10 Purchased merchandise on account for $9,700. 13 Purchased equipment for cash, $900. 16 Paid the entire amount due to the Strong Company. 18 Received $4,800 from customers on account. 20 Paid $900 to the owner of the building for January's rent. 30 Paid employees $3,400 for salaries for the month of January. 31 Paid a cash dividend of $900 to shareholders. 25 points eBook References 1. & 3. Enter the beginning balances as of January 1, 2021 and post the entries to T-accounts. (Enter the date of the transaction in the column next to the amount.) Cash Beg. bal. End. bal. Accounts Receivable Beg. bal. End. bal. Inventory Equipment Beg. bal. Beg. bal. Wk 2 - Apply: Summative Assessment [due Day 7] 2 Saved Help Save & Exit Submit 1. & 3. Enter the beginning balances as of January 1, 2021 and post the entries to T-accounts. (Enter the date of the transaction in the column next to the amount.) Part 2 of 3 25 points Cash Beg. bal. End. bal. Accounts Receivable Beg. bal. End. bal. eBook Inventory Equipment References Beg. bal. Beg. bal. End. bal. End. bal. Accumulated Depreciation Accounts Payable Beg. bal. Beg. bal. End. bal. End. bal. Wk 2 - Apply: Summative Assessment [due Day 7] i 2 Required information End. bal. Part 2 of 3 End. bal. Saved Cost of Goods Sold Rent Expense Beg. bal. Beg. bal. 25 points eBook End. bal. References End. bal. Salaries Expense Advertising Expense Beg. bal. Beg. bal. End. bal. End. bal. Wk 2 - Apply: Summative Assessment [due Day 7] i 2 Required information End. bal. Part 2 of 3 End. bal. Saved Cost of Goods Sold Rent Expense Beg. bal. Beg. bal. 25 points eBook End. bal. References End. bal. Salaries Expense Advertising Expense Beg. bal. Beg. bal. End. bal. End. bal