The following is the post-closing trial balance for the Whitlow Manufacturing Corporation as of December 31, 2023.

The following transactions occurred during January 2024:
Jan. 1 Sold inventory for cash, $3,500. The cost of the inventory was $2,000. The company uses the perpetual inventory system.
2 Purchased equipment on account for $5,500 from the Strong Company. The full amount is due in 15 days.
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 inventory on account for $5,000. The cost of the inventory was $2,800.
10 Purchased inventory 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, 2024.
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, 2024.

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