Required:

1. From the trial balance and information given, prepare adjusting entries.

2. Post the beginning balances and adjusting entries into the appropriate T-accounts.

3. Prepare an adjusted trial balance.

4. Prepare closing entries.

5. Prepare a post-closing trial balance.

The following is the post-closing trial balance for the Whitlow Manufacturing Corporation as of December 31, 2020, Credits Debits 5,500 2,500 5,500 11,500 Account Title Cash Accounts receivable Inventory Equipment Accumulated depreciation Accounts payable Common stock Retained earnings sal Sales revenue Cost + Cost of goods sold Salaries expense Rent expense Advertising expense Dividends Totals 4,000 3,500 8,000 9,500 OK 0 @ nt 25,000 25,000 ences The following transactions occurred during January 2021: Jan. 1 Sold merchandise for cash, $4,000. The cost of the merchandise was $2,500. The company uses the perpetual inventory system. 2 Purchased equipment on account for $6,000 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 $5,500. The cost of the merchandise was $3,300. 10 Purchased merchandise on account for $9,750. 13 Purchased equipment for cash, $700. 16 Paid the entire amount due to the Strong company. 18 Received $5,000 from customers on account. 20 Paid $700 to the owner of the building for January's rent. 30 Paid employees $3,500 for salaries for the month of January 31 Paid a cash dividend of $800 to shareholders