The following is the post-closing trial balance for the Whitlow Manufacturing Co
ID: 2489052 • Letter: T
Question
The following is the post-closing trial balance for the Whitlow Manufacturing Corporation as of December 31, 2015.
Sold merchandise for cash, $3,500. The cost of the merchandise was $2,000. The company uses the perpetual inventory system.
Received a $150 bill from the local newspaper for an advertisement that appeared in the paper on January 2.
1.
value:
1.25 points
Required information
2.
Prepare general journal entries to record each transaction. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
References
eBook & Resources
WorksheetLearning Objective: 02-02 Record transactions using the general journal format.
Difficulty: 3 HardLearning Objective: 02-03 Post the effects of journal entries to general ledger accounts and prepare an unadjusted trial balance.
Check my work
2.
value:
1.25 points
Required information
3.
Post the transactions into the appropriate T-accounts. (Enter the date of the transaction in the column next to the amount. Be sure to include beginning balances.)
References
eBook & Resources
WorksheetLearning Objective: 02-02 Record transactions using the general journal format.
Difficulty: 3 HardLearning Objective: 02-03 Post the effects of journal entries to general ledger accounts and prepare an unadjusted trial balance.
Check my work
3.
value:
1.25 points
Required information
4.
Prepare an unadjusted trial balance as of January 31, 2016.
The following is the post-closing trial balance for the Whitlow Manufacturing Corporation as of December 31, 2015.
Explanation / Answer
Journal entries Date accounts Debit credit 1-Jan cash 3,500 to sales 3,500 Cost of goods sold 2,000 To inventory 2,000 2-Jan Equipment 5,500 to accounts payable 5,500 4-Jan advertising expense 150 to Accounts payable 150 8-Jan account receivable 5,000 to sales 5,000 Cost of goods sold 2,800 to inventory 2,800 10-Jan inventory 9,500 to accounts payable 9,500 13-Jan Equipment 800 to cash 800 16-Jan Accounts payable 5,500 to cash 5,500 18-Jan cash 4,000 to account receivable 4,000 20-Jan Rent expense 800 to cash 800 30-Jan Salary and wages exp 3,000 to Cash 3,000 31-Jan Dividends 1,000 to cash 1,000 Cash a/c debit credit bal 5,000 13-Jan 800 1 3,500 16-Jan 5,500 18-Jan 4,000 20-Jan 800 30-Jan 3,000 31-Jan 1,000 balance 1,400 Account receivable bal 2,000 18-Jan 4,000 8-Jan 5,000 bal 3,000 inventory bal 5,000 1-Jan 2,000 10-Jan 9,500 8-Jan 2,800 bal 9,700 Equipment bal 11,000 2-Jan 5,500 13-Jan 800 bal 17,300 Accumulated depreciation bal 3,500 accounts payable 16-Jan 5,500 bal 3,000 2-Jan 5,500 4-Jan 150 10-Jan 9,500 bal 12,650 common stokc bal 10,000 Retained earnings bal 6,500 Sales revenue 1-Jan 3,500 8-Jan 5,000 bal 8,500 cost of goods sold 1-Jan 2,000 8-Jan 2,800 bal 4,800 Salaries and wages 30-Jan 3,000 rent expense 20-Jan 800 Advertising expense 4-Jan 150 dividends 31-Jan 1,000 unadjusted trial balance Debit credit cash 1,400 account receivable 3,000 inventory 9,700 Equipment 17,300 accumulate depreciatio 3,500 accounts payable 12,650 common stock 10,000 Retained earnings 6,500 sales revenue 8,500 cost of goods sold 4,800 Salaries and wages 3,000 Rent expense 800 Advertising expense 150 dividend 1,000 total 41,150 41,150
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