Question: please help me with what is missing and what is wrong with the unadjusted trial balance Required information [The following information applies to the questions

please help me with what is missing and what is wrong with the unadjusted trial balance
please help me with what is missing and what is wrong with
the unadjusted trial balance Required information [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, 2020. Account Title Debits Credits
Cash 4,000 Accounts receivable 1,000 Inventory 4,000 Equipment 10,000 Accumulated depreciation 2,500
Accounts payable 2,000 Common stock 8,000 Retained earnings 6,500 Sales revenue Cost

Required information [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, 2020. Account Title Debits Credits Cash 4,000 Accounts receivable 1,000 Inventory 4,000 Equipment 10,000 Accumulated depreciation 2,500 Accounts payable 2,000 Common stock 8,000 Retained earnings 6,500 Sales revenue Cost of goods sold Salaries expense Rent expense Advertising expense Dividends Totals 19,000 19,000 The following transactions occurred during January 2021: Jan. 1 Sold merchandise for cash, $2,500. The cost of the merchandise was $1,008. The company uses the perpetual inventory system. 2 Purchased equipment on account for $4,500 from the Strong company. 4 Received a $100 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 $4,000. The cost of the merchandise was $1,800. 10 Purchased merchandise on account for $9,000. 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 $2,000 for salaries for the month of January. 31 Paid a cash dividend of $800 to shareholders. 1. & 3. Enter the beginning balances as of January 1, 2021 and post the entries to T-accounts. (Enter the date of the transaction in the column next to the amount.) Cash Beg bal 1/1 4.000 Answer is not complete. Accounts Receivable Bog 1.000 bal 1/8 4.000 3,900 > 2.500 1/18 700 1/13 4,5001/15 700 1/20 2,000 1/30 8001/31 loooo 1/18 3,900 End bal 1,700 End bal 1.100 Equipment Beg Inventory 4,000 bal Beg bal 1/2 1,000 1/1 1,800 118 10,000 4.500 700 1/10 9,000 1/13 End bal 10,200 End bal 15,200 Accumulated Depreciation Accounts Payable Beg bal. 2,500 Beg bal. 2,000 4,500 100 9,000 1/2 1/4 1/10 4,500 End. bal 2,500 1/16 End. bal. 15,600 Common Stock Dividends Beg. bal. 8,000 Beg. bal. 1/31 0 800 End. bal. 8,000 End bal 800 Retained Earnings Sales Revenue Beg. bal. 6,500 Beg bal. 0 2,500 4,000 End. bal. 6,500 End. bal. 6,500 Cost of Goods Sold Rent Expense Beg 0 0 bal. 1/1 1/8 Beg. bal. 1/20 1,000 1,800 700 CO End. bal. 2,800 End bal. 700 Salaries Expense Advertising Expense Beg Beg bal 1/30 2,000 bal. 1/4 100 End. hal 2,000 End, hal 100 4. Prepare an unadjusted trial balance as of January 31, 2021. Answer is not complete. Credits WHITLOW MANUFACTURING CORPORATION Unadjusted Trial Balance January 31, 2021 Account Title Debits Cash $ 1,700 Accounts receivable 1,100 Inventory 10,200 Equipment 15,200 Accumulated depreciation Accounts payable Common stock Retained earnings Sales revenue Cost of goods sold 2,800 Rent expense 700 Salaries expense 2,000 Advertising expense 100 2,500 10,300 X 8,000 6,500 6,500 Totals $ 33,800 $ 33,800

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!