Question

[The following information applies to the questions displayed below.] The following is the post-closing trial balance...

[The following information applies to the questions displayed below.]

The following is the post-closing trial balance for the Whitlow Manufacturing Corporation as of December 31, 2017.

Account Title

Debits

Credits

Cash

5,400

Accounts receivable

2,400

Inventory

5,400

Equipment

11,400

Accumulated depreciation—equipment

3,900

Accounts payable

3,400

Common stock

9,000

Retained earnings

8,300

Sales revenue

0

Cost of goods sold

0

Salaries and wages expense

0

Rent expense

0

Advertising expense

0

Totals

24,600

24,600


The following transactions occurred during January 2018:

Jan.

1

Sold merchandise for cash, $3,900. The cost of the merchandise was $2,400. The company uses the perpetual inventory system.

2

Purchased equipment on account for $5,900 from the Strong Company to be repaid within 30 days.

4

Received a $200 invoice from the local newspaper requesting payment for an advertisement that Whitlow placed in the paper on January 2.

8

Sold merchandise on account for $5,400. The cost of the merchandise was $3,200.

10

Purchased merchandise on account for $9,700.

13

Purchased equipment for cash, $900.

16

Paid the entire amount due to the Strong Company.

18

Received $4,800 from customers on account.

20

Paid $900 to the owner of the building for January’s rent.

30

Paid employees $3,400 for salaries and wages for the month of January.

31

Paid a cash dividend of $900 to shareholders.

rev: 08_23_2017_QC_CS-96227, 02_23_2018_QC_CS-118910, 06_14_2019_QC_CS-170957

4. Prepare an unadjusted trial balance as of January 31, 2018.

Homework Answers

Answer #1

Unadjusted trial balance:

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