[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 | Debits | Credits | ||||
Cash | 4,100 | |||||
Accounts receivable | 1,100 | |||||
Inventory | 4,100 | |||||
Equipment | 10,100 | |||||
Accumulated depreciation | 2,600 | |||||
Accounts payable | 2,100 | |||||
Accrued liabilities | 0 | |||||
Common stock | 9,000 | |||||
Retained earnings | 5,700 | |||||
Sales revenue | 0 | |||||
Cost of goods sold | 0 | |||||
Salaries expense | 0 | |||||
Rent expense | 0 | |||||
Advertising expense | 0 | |||||
Totals | 19,400 | 19,400 | ||||
The following transactions occurred during January 2021:
Jan. | 1 | Sold merchandise for cash, $2,600. The cost of the merchandise was $1,100. The company uses the perpetual inventory system. | ||
2 | Purchased equipment on account for $4,600 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 $4,100. The cost of the merchandise was $1,900. | |||
10 | Purchased merchandise on account for $9,050. | |||
13 | Purchased equipment for cash, $900. | |||
16 | Paid the entire amount due to the Strong Company. | |||
18 | Received $4,000 from customers on account. | |||
20 | Paid $900 to the owner of the building for January’s rent. | |||
30 | Paid employees $2,100 for salaries for the month of January. | |||
31 | Paid a cash dividend of $900 to shareholders. |
4. Prepare an unadjusted trial balance as of
January 31, 2021.
Unadjusted trial balance as of January 31, 2021 for the Whitlow Manufacturing Corporation
S. No |
Accounts Name |
Debit |
Credit |
1 |
Cash |
$1,300 |
|
2 |
Sales Revenue |
$6,700 |
|
3 |
Cost of goods sold |
$3,000 |
|
4 |
Rent expense |
$900 |
|
5 |
Dividend |
$900 |
|
6 |
Accounts Payable |
$11,350 |
|
7 |
Accounts receivable |
$1,200 |
|
8 |
Salaries and wages expense |
$2,100 |
|
9 |
Equipment |
$15,600 |
|
10 |
Advertising expense |
$200 |
|
11 |
Inventory |
$10,150 |
|
12 |
Accumulated depreciation—equipment |
$2,600 |
|
13 |
Common Stocks |
$9,000 |
|
14 |
Retained Earnings |
$5,700 |
|
TOTAL |
$35,350 |
$35,350 |
[The following information applies to the questions displayed below.] The following is the post-closing trial balance...
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, 2017. Account Title Debits Credits Cash 4,200 Accounts receivable 1,200 Inventory 4,200 Equipment 10,200 Accumulated depreciation—equipment 2,700 Accounts payable 2,200 Common stock 10,000 Retained earnings 4,900 Sales revenue 0 Cost of goods sold 0 Salaries and wages expense 0 Rent expense 0 Advertising expense 0 Totals 19,800 19,800 The following transactions occurred during January 2018:...
create a unadjusted trial balance with the following information: The following is the post-closing trial balance for the Whitlow Manufacturing Corporation as of December 31, 2017. Account Title Debits Credits Cash 6,000 Accounts receivable 3,000 Inventory 6,000 Equipment 12,000 Accumulated depreciation—equipment 4,500 Accounts payable 4,000 Common stock 9,000 Retained earnings 9,500 Sales revenue 0 Cost of goods sold 0 Salaries and wages expense 0 Rent expense 0 Advertising expense 0 Totals 27,000 27,000 The following transactions occurred during January 2018:...
The following is the post-closing trial balance for the Whitlow Manufacturing Corporation as of December 31, 2020. Account Title Debits Credits Cash 5,100 Accounts receivable 2,100 Inventory 5,100 Equipment 11,100 Accumulated depreciation 3,600 Accounts payable 3,100 Common stock 9,000 Retained earnings 7,700 Sales revenue 0 Cost of goods sold 0 Salaries expense 0 Rent expense 0 Advertising expense 0 Totals 23,400 23,400 The following transactions occurred during January 2021: Jan. 1 Sold merchandise for cash, $3,600. The cost of the...
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. Credits Debits 6,000 3,000 6,000 12,000 4,500 4,000 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 9,500 27,000 27,000 The following transactions occurred during January 2021: Jan. 1 Sold...
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...
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...
The following information applies to the questions displayed below The following is the post-closing trial balance for the Whitkow Manufacturing Corporation as of December 31, 2017. Debits Credits of 3 4,200 1,280 4,200 18,200 Cash Accounts receivable Inventory Equipment Accumulated depreciation-equipnent Accounts payable Conmon stock Retained earnings Sales revenue Cost of goods sold Salaries and wages expense Rent expense Advertising expense Totals 2,700 2,200 18,000 4,900 19,880 19,860 rences The folowing transactions occurred during January 2018 Jan. 1 Sold merchandise...
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....
prepare an unadjusted trial balance as of january 31,2021 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. Credits Debits 4,880 1,800 4,800 10,800 3,300 2,800 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 10,000 6,100 22,200 The following transactions occurred...
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...