The following is the post-closing trial balance for the Whitlow Manufacturing Corporation as of December 31, 2020. 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 Dividends Totals Debits 4,000 1,000 4,000 10,000 0 0 0 0 0 19,000 Credits 2,500 2,000 8,000 6,500 0 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

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Chapter1: Financial Statements And Business Decisions
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[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.
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
Dividends
Totals
Debits
4,000
1,000
4,000
10,000
0
0
0
0
0
19,000
Credits
2,500
2,000
8,000
6,500
0
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
Transcribed Image Text:[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. 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 Dividends Totals Debits 4,000 1,000 4,000 10,000 0 0 0 0 0 19,000 Credits 2,500 2,000 8,000 6,500 0 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
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.
. Prepare an unadjusted trial balance as of January 31, 2021.
WHITLOW MANUFACTURING CORPORATION
Unadjusted Trial Balance
January 31, 2021
Account Title
Debits
Credits
Transcribed Image Text: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. . Prepare an unadjusted trial balance as of January 31, 2021. WHITLOW MANUFACTURING CORPORATION Unadjusted Trial Balance January 31, 2021 Account Title Debits Credits
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