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

A trial balance is the financial report of an organization that represents the ending balances of the accounts of the organization. It represents the balances of all accounts in the general ledger at a point in time and is the primary report in the books of accounts. The purpose of preparing this report is to make sure that the entries made for each financial account are mathematically correct. It checks the arithmetic accuracy of the financial accounts.The trial balance that is unadjusted is the report of all the ledger accounts at a specific date. It is maintained to ensure that the debts and credit are correctly matched for each ledger account. It is made before the adjusting journal entries are passed and detects any errors in the ledger balances. The unadjusted trial balance is as follows: Therefore, the total of debits and credits on the trial balance is $33,800. Calculations- 1. Cash - Cash =$4,000+$2,500-$700-$4,500+$3,900-$700-$2,000-$800 =$1,700 2. Accounts Receivable - Accounts Receivable = $1,000+$4,000-$3,900 = $1,100 3. Inventory - Inventory = $4,000-$1,000-$1,800+$9,000 = $10,200 4. Equipment - Equipment = $10,000+$4,500+$700 = $15,200 5. Accounts Payable - Accounts Payable = $2,000+$4,500+$100+$9,000-$4,500 = $11,100 6. Retained Earnings - Retained Earnings = $6,500-$800 = $5,700 7. Sales Revenue - Sales revenue = $2,500+$4,000 = $6,500 8. Cost of goods sold - Cost of goods sold = $1,000+$1,800 = $2,800