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.
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter9: Metric-analysis Of Financial Statements
Section: Chapter Questions
Problem 9.23E: Unusual income statement items Assume that the amount of each of the following items is material to...
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