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The following is the post-closing trial balance for the Whitlow Manufacturing Corporation as of December 31, 2023. Debits $4,200 1,200 4,200 10,200 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 Credits $ 2,700 2,200 e $ 19,800 $ 19,800 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. 10,000 4,900 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, January 2 Purchased equipment on account for $4,700 from the Strong Company. The full amount is due in 15 days. January 4 Received a $150 invoice from the local newspaper requesting payment for an advertisement that whitlow placed in the paper on January 2. January 30 Paid employees $2,200 for salaries for the month of January. January 31 Paid a cash dividend of $1,000 to shareholders. 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. 1. & 3. Enter the beginning balances as of January 1, 2024 and post the entries to T-accounts. Note: Enter the date of the transaction in the column next to the amount.

The following is the post-closing trial balance for the Whitlow Manufacturing Corporation as of December 31, 2023. Debits $4,200 1,200 4,200 10,200 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 Credits $ 2,700 2,200 e $ 19,800 $ 19,800 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. 10,000 4,900 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, January 2 Purchased equipment on account for $4,700 from the Strong Company. The full amount is due in 15 days. January 4 Received a $150 invoice from the local newspaper requesting payment for an advertisement that whitlow placed in the paper on January 2. January 30 Paid employees $2,200 for salaries for the month of January. January 31 Paid a cash dividend of $1,000 to shareholders. 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. 1. & 3. Enter the beginning balances as of January 1, 2024 and post the entries to T-accounts. Note: Enter the date of the transaction in the column next to the amount.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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The following is the post-closing trial balance for the Whitlow Manufacturing Corporation as of December 31, 2023 Debits $4,200 1,200 4,200 10,200 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 0 0 Credits $ 19,800 $ 19,800 January 18 Received $3,800 from customers on account. January 20 Paid $800 to the owner of the building for January's rent. $ 2,700 2,200 e 10,000 4,900 e 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, January 2 Purchased equipment on account for $4,700 from the Strong Company. The full amount is due in 15 days. January 4 Received a $150 invoice from the local newspaper requesting payment for an advertisement that whitlow placed in the paper on January 2. January 30 Paid employees $2,200 for salaries for the month of January. January 31 Paid a cash dividend of $1,000 to shareholders. 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. 1. & 3. Enter the beginning balances as of January 1, 2024 and post the entries to T-accounts. Note: Enter the date of the transaction in the column next to the amount.
Transcribed Image Text:The following is the post-closing trial balance for the Whitlow Manufacturing Corporation as of December 31, 2023 Debits $4,200 1,200 4,200 10,200 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 0 0 Credits $ 19,800 $ 19,800 January 18 Received $3,800 from customers on account. January 20 Paid $800 to the owner of the building for January's rent. $ 2,700 2,200 e 10,000 4,900 e 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, January 2 Purchased equipment on account for $4,700 from the Strong Company. The full amount is due in 15 days. January 4 Received a $150 invoice from the local newspaper requesting payment for an advertisement that whitlow placed in the paper on January 2. January 30 Paid employees $2,200 for salaries for the month of January. January 31 Paid a cash dividend of $1,000 to shareholders. 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. 1. & 3. Enter the beginning balances as of January 1, 2024 and post the entries to T-accounts. Note: Enter the date of the transaction in the column next to the amount.
Beginning balance 1/1 1/13 1/16 1/18 Ending balance Beginning balance 1/1 1/8 1/10 Ending balance Beginning balance Ending balance Beginning balance Ending balance Cash Inventory 9,100 5.900 1.200 2.000 Accumulated Depreciation Common Stock 1/1 1/2 1/4 1/8 . Beginning balance 1/8 1/18 Ending balance Beginning balance Ending balance Beginning balance Ending balance Beginning balance Ending balance Accounts Receivable Equipment Accounts Payable Dividends Beginning balance Ending balance Beginning balance Beginning balance Ending balance Beginning balance Ending balance Common Stock Retained Earnings Cost of Goods Sok Salaries Expense Beginning balance Ending balance Beginning balance Beginning balance Ending balance Begining balance Ending balance Dividends Sales Revenue Rent Expense Advertising Expense
Transcribed Image Text:Beginning balance 1/1 1/13 1/16 1/18 Ending balance Beginning balance 1/1 1/8 1/10 Ending balance Beginning balance Ending balance Beginning balance Ending balance Cash Inventory 9,100 5.900 1.200 2.000 Accumulated Depreciation Common Stock 1/1 1/2 1/4 1/8 . Beginning balance 1/8 1/18 Ending balance Beginning balance Ending balance Beginning balance Ending balance Beginning balance Ending balance Accounts Receivable Equipment Accounts Payable Dividends Beginning balance Ending balance Beginning balance Beginning balance Ending balance Beginning balance Ending balance Common Stock Retained Earnings Cost of Goods Sok Salaries Expense Beginning balance Ending balance Beginning balance Beginning balance Ending balance Begining balance Ending balance Dividends Sales Revenue Rent Expense Advertising Expense
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