Question & Answer: The following is the post-closing trial balance for the Whitlow Manufacturing Corporation as of December 31, 2015 Account Title Cash Accounts re…..

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 Debits 4,900 1,900 4,900 10,900 edits 3,400 2,900 8,000 8.300 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 conm 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.