Question & Answer: ezto.mheducation.com/nm.tpx The following is the post-closing trial balance for the Whitlow Manufacturing Corporation as o…..

ezto.mheducation.com/nm.tpx The following is the post-closing trial balance for the Whitlow Manufacturing Corporation as of December 31, 2015 Account Title Cash Accounts receivable Inventory Equipment Accumulated depreciation-equipment Accounts payable Common stock Retained earnings Sales revenue Cost of goods sold Salaries and wages expense Rent expense Advertising expense Credits 4.900 1,900 4,900 10,900 3.400 2.900 8,000 8,300 0 0 0 0 Totals 22,600 22,600 The following transactions occurred during January 2016 Jan. 1 Sold merchandise for cash. $3.400. The cost of the merchandise was $1.900. The company uses the perpetual inventory system. 2 Purchased equipment on account for $5,400 from the Strong Company. 4 Received a $100 bill from the local newspaper for an advertisement that appeared in the paper on January 2 8 Sold merchandise on account for $4,900. The cost of the merchandise was $2.700 10 Purchased merchandise on account for $9,450 13 Purchased equipment for cash, $700 16 Paid the entire amount due to the Strong Company. 18 Received $3,900 from customers on account 20 Paid $700 to the owner of the building for January’s rent. 30 Paid employees $2.900 for salaries and wages for the month of January 31 Paid a cash dividend of $800 to shareholders.