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January 8 Sold inventory on account for $4,200. The cost of the inventory was $2,000. January 10 Purchased inventory on account for $9,100. January 13 Purchased equipment for cash, $800. January 16 Paid the entire amount due to the Strong Company. January 18 Received $3,800 from customers on account. January 20 Paid $800 to the owner of the building for January's rent. January 30 Paid employees $2,200 for salaries for the month of January. January 31 Paid a cash dividend of $1,000 to shareholders. Required: 2. Prepare general journal entries to record each transaction. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.

January 8 Sold inventory on account for $4,200. The cost of the inventory was $2,000. January 10 Purchased inventory on account for $9,100. January 13 Purchased equipment for cash, $800. January 16 Paid the entire amount due to the Strong Company. January 18 Received $3,800 from customers on account. January 20 Paid $800 to the owner of the building for January's rent. January 30 Paid employees $2,200 for salaries for the month of January. January 31 Paid a cash dividend of $1,000 to shareholders. Required: 2. Prepare general journal entries to record each transaction. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The following is the post-closing trial balance for the Whitlow Manufacturing Corporation as of December 31, 2023. 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 Dividends Totals Debits $ 4,200 1,200 4,200 10, 200 January 2 January 4 0 0 0 0 0 $ 19,800 Credits $ 2,700 2,200 0 10,000 4,900 0 $ 19,800 The following transactions occurred during January 2024: January 1 Sold inventory for cash, $2,700. The cost of the inventory was $1,200. The company uses the perpetual inventory system. Purchased equipment on account for $4,700 from the Strong Company. The full amount is due in 15 days. Received a $150 invoice from the local newspaper requesting payment for an advertisement that Whitlow placed in the paper on January 2. January 8 Sold inventory on account for $4,200. The cost of the inventory was $2,000.
Transcribed Image Text:The following is the post-closing trial balance for the Whitlow Manufacturing Corporation as of December 31, 2023. 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 Dividends Totals Debits $ 4,200 1,200 4,200 10, 200 January 2 January 4 0 0 0 0 0 $ 19,800 Credits $ 2,700 2,200 0 10,000 4,900 0 $ 19,800 The following transactions occurred during January 2024: January 1 Sold inventory for cash, $2,700. The cost of the inventory was $1,200. The company uses the perpetual inventory system. Purchased equipment on account for $4,700 from the Strong Company. The full amount is due in 15 days. Received a $150 invoice from the local newspaper requesting payment for an advertisement that Whitlow placed in the paper on January 2. January 8 Sold inventory on account for $4,200. The cost of the inventory was $2,000.
January 8 Sold inventory on account for $4,200. The cost of the inventory was $2,000. January 10 Purchased inventory on account for $9,100. January 13 Purchased equipment for cash, $800. January 16 Paid the entire amount due to the Strong Company. January 18 Received $3,800 from customers on account. January 20 Paid $800 to the owner of the building for January's rent. January 30 Paid employees $2,200 for salaries for the month of January. January 31 Paid a cash dividend of $1,000 to shareholders. Required: 2. Prepare general journal entries to record each transaction. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
Transcribed Image Text:January 8 Sold inventory on account for $4,200. The cost of the inventory was $2,000. January 10 Purchased inventory on account for $9,100. January 13 Purchased equipment for cash, $800. January 16 Paid the entire amount due to the Strong Company. January 18 Received $3,800 from customers on account. January 20 Paid $800 to the owner of the building for January's rent. January 30 Paid employees $2,200 for salaries for the month of January. January 31 Paid a cash dividend of $1,000 to shareholders. Required: 2. Prepare general journal entries to record each transaction. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
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