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Problem 2-2 (Algo) Accounting cycle through unadjusted trial balance [LO2-3, 2-4] Skip to question [The following...

Problem 2-2 (Algo) Accounting cycle through unadjusted trial balance [LO2-3, 2-4]

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The following is the post-closing trial balance for the Whitlow Manufacturing Corporation as of December 31, 2020.

Account Title Debits Credits
Cash 4,100
Accounts receivable 1,100
Inventory 4,100
Equipment 10,100
Accumulated depreciation 2,600
Accounts payable 2,100
Accrued liabilities 0
Common stock 9,000
Retained earnings 5,700
Sales revenue 0
Cost of goods sold 0
Salaries expense 0
Rent expense 0
Advertising expense 0
Totals 19,400 19,400


The following transactions occurred during January 2021:

Jan. 1 Sold merchandise for cash, $2,600. The cost of the merchandise was $1,100. The company uses the perpetual inventory system.
2 Purchased equipment on account for $4,600 from the Strong Company.
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 $4,100. The cost of the merchandise was $1,900.
10 Purchased merchandise on account for $9,050.
13 Purchased equipment for cash, $900.
16 Paid the entire amount due to the Strong Company.
18 Received $4,000 from customers on account.
20 Paid $900 to the owner of the building for January’s rent.
30 Paid employees $2,100 for salaries for the month of January.
31 Paid a cash dividend of $900 to shareholders.

Problem 2-2 (Algo) Part 4

4. Prepare an unadjusted trial balance as of January 31, 2021.

WHITLOW MANUFACTURING CORPORATION
Unadjusted Trial Balance
January 31, 2021
Account Title Debits Credits
Totals $0 $0
Business   Accounting   
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Homework Answers

Answer #1

WHITLOW MANUFACTURING CORPORATION

Unadjusted trial Balance

January 31,2021
Account title Debit credit
Cash 1300
Accounts receivable 1200
Inventory 10150
Equipment 15600
Accumulated depreciation 2600
Accounts payable 11150
Accrued liabilities 200
common stock 9000
Retained earning 5700
Dividend 900
sales revenue 6700
cost of goods sold 3000
salaries expense 2100
Rent expense 900
Advertising expense 200
Total 35350 35350

#Cash = 4100 Beg +2600 -900-4600+4000-900-2100-900=1300

Accounts receivable = 1100+4100 (trans 8)-4000 (trans 18)=1200

Inventory = 4100-1100-1900+9050=10150

Equipment = Beg Bal + Jan 2 + transaction in 13

              =10100+4600+ 900 =15600

Accounts payable =2100+9050=11150

sales revenue =2600+4100=6700

cost of sales= 1100+1900=3000

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