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

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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		5,800
Accounts receivable		2,800
Inventory		5,800
Equipment		11,800
Accumulated depreciation				4,300
Accounts payable				3,800
Accrued liabilities				0
Common stock				10,000
Retained earnings				8,100
Sales revenue				0
Cost of goods sold		0
Salaries expense		0
Rent expense		0
Advertising expense		0
Totals		26,200		26,200

The following transactions occurred during January 2021:

Jan.	1	Sold merchandise for cash, $4,300. The cost of the merchandise was $2,800. The company uses the perpetual inventory system.
	2	Purchased equipment on account for $6,300 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 $5,800. The cost of the merchandise was $3,600.
	10	Purchased merchandise on account for $9,900.
	13	Purchased equipment for cash, $700.
	16	Paid the entire amount due to the Strong Company.
	18	Received $5,600 from customers on account.
	20	Paid $700 to the owner of the building for January’s rent.
	30	Paid employees $3,800 for salaries for the month of January.
	31	Paid a cash dividend of $1,000 to shareholders.

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 Accounts Receivable Beg. bal. Beg. bal. End. bal. End. bal. Inventory Equipment Beg. bal. Beg. bal. End. bal. End. bal. Dividends Retained Earnings Beg. bal. Beg. bal. End. bal. End. bal. Sales Revenue Cost of Goods Sold Beg. bal. Beg. bal. End.

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1 & 3) T-Accounts:

Cash				Accounts Receivable
Beg. Bal.	$5,800	$700	Jan. 13	Beg. Bal.	$2,800	$5,600	Jan. 18
Jan. 1	$4,300	$6,300	Jan. 16	Jan. 8	$5,800
Jan. 18	$5,600	$700	Jan. 20
		$3,800	Jan. 30
		$1,000	Jan. 31
End. Bal.	$3,200			End. Bal.	$3,000

Inventory				Equipment
Beg. Bal.	$5,800	$2,800	Jan. 1	Beg. Bal.	$11,800
Jan. 10	$9,900	$3,600	Jan. 8	Jan. 2	$6,300
				Jan. 13	$700
End. Bal.	$9,300
				End. Bal.	$18,800
Accumulated Depreciation				Accounts Payable
Beg. Bal.		$4,300		Beg. Bal.		$3,800
				Jan. 16	$6,300	$6,300	Jan. 2
						$100	Jan. 4
						$9,900	Jan. 10
End. Bal.		$4,300		End. Bal.		$13,800
Common Stock				Accrued Liabilities
Beg. Bal.		$10,000		Beg. Bal.		$0


End. Bal.		$10,000		End. Bal.		$0
Dividends				Retained Earnings
Beg. Bal.	$0			Beg. Bal.		$8,100
Jan. 31	$1,000

End. Bal.				End. Bal.
Sales Revenue				Cost of Goods Sold
Beg. Bal.		$0		Beg. Bal.	$0
		$4,300	Jan. 1	Jan. 1	$2,800
		$5,800	Jan. 8	Jan. 8	$3,600
End. Bal.				End. Bal.
Rent Expense				Salaries Expense
Beg. Bal.	$0			Beg. Bal.	$0
Jan. 20	$700			Jan. 30	$3,800

End. Bal.				End. Bal.
Advertising Expense
Beg. Bal.	$0
Jan. 4	$100

End. Bal.

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