Question

The following is the post-closing trial balance for the Whitlow Manufacturing Corporation as of December 31, 2020. Credits Debits 5,700 2,700 5,700 11,700 4,200 3,700 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 9,000 8,900 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, 5900. 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 January's rent. 30 Paid employees $3,700 for salaries for the month of January. 31 Paid a cash dividend of $900 to shareholders. < Prey 5 of 5 Next >

Answer 1

Answer:

9,350 WHITLOW MANUFACTURING CORPORATION Unadjusted Trial Balance January. 31, 2021 Account Title Debits Credits Cash 2,700 Accounts Receivable 3,000 Inventory Equipment 18,800 Accumulated depreciation 4,200 Accounts Payable 13,550 Accrued liabilities 2001 Common stock 9,000 Retained earnings 8,900 Dividends Sales revenue 9,900 Cost of Goods sold 6,200 Salaries expense 3,700 Rent expense 900) Advertising expense 200 Totals 45,750 45,750 900

The above excel with 'show formula' is as follows:

Credits WHITLOW MANUFACTURING CORPORATION Unadjusted Trial Balance 3 January 31, 2021 4 Account Title Debits 5 Cash =5700+4200-900-6200+5400-900-3700-900 6 Accounts Receivable =2700+5700-5400 7 Inventory =5700-2700-3500+9850 8 Equipment =11700+6200+900 9 Accumulated depreciation 10 Accounts Payable 11 Accrued liabilities 12 Common stock 13 Retained earnings 14 Dividends 900 15 Sales revenue 16 Cost of Goods sold =2700+3500 17 Salaries expense 3700 18 Rent expense 900 19 Advertising expense 200 20 Totals =SUM(B5:B19) 4200 =3700+6200+9850-6200 200 9000 8900 -4200+5700 =SUM(C5:C19)