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

The following transactions occurred during January 2021:Jan. 1 Sold merchandise for cash, $3,500. The cost of the merchandise was $2,000. The company uses the perpetual inventory system.2 Purchased equipment on account for $5,500 from the Strong Company.4 Received a $150 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 $5,000. The cost of the merchandise was $2,800.10 Purchased merchandise on account for $9,500.13 Purchased equipment for cash, $800.16 Paid the entire amount due to the Strong Company.18 Received $4,000 from customers on account.20 Paid $800 to the owner of the building for January?s rent.30 Paid employees $3,000 for salaries for the month of January.31 Paid a cash dividend of $1,000 to shareholders.

Required:1. Set up T-accounts and enter the beginning balances as of January 1, 2021.2. Prepare general journal entries to record each transaction. Omit explanations.3. Post the entries to T-accounts.4. Prepare an unadjusted trial balance as of January 31, 2021.

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Account Title Debits Credits Cash 5,000 2,000 Accounts receivable Inventory Equipment 5,000 11,000 Accumulated depreciation Accounts payable 3,500 3,000 Accrued liabilities -0- Common stock 10,000 Retained earnings 6,500 Sales revenue -0- Cost of goods sold Salaries expense -0- -0- Rent expense -0- Advertising expense -0- Totals 23,000 23,000