The following is the post-closing trial balance for the whitlow manufacturing corporation as of december 31, 2015.

account title debits credits
cash 5,800
accounts receivable 2,800
inventory 5,800
equipment 11,800
accumulated depreciation—equipment 4,300
accounts payable 3,800
common stock 10,000
retained earnings 8,100
sales revenue 0
cost of goods sold 0
salaries and wages expense 0
rent expense 0
advertising expense 0

totals 26,200 26,200

the following transactions occurred during january 2016:
jan. 1
sold merchandise for cash, $4,300. the cost of the merchandise was $2,800. the company uses the perpetual inventory system.

2 purchased equipment on account for $6,300 from the strong company.
4
received a $100 bill from the local newspaper for an advertisement that appeared in the paper on january 2.

8 sold merchandise on account for $5,800. the cost of the merchandise was $3,600.
10 purchased merchandise on account for $9,900.
13 purchased equipment for cash, $700.
16 paid the entire amount due to the strong company.
18 received $5,600 from customers on account.
20 paid $700 to the owner of the building for january’s rent.
30 paid employees $3,800 for salaries and wages for the month of january.
31
paid a cash dividend of $1,000 to shareholders.

prepare general journal entries to record each transaction.

The journal entries to record each transaction is given below.

1  Sold merchandise for cash, $4,300. The cost of the merchandise was $2,800. The company uses the perpetual inventory system.

Debit Cash Account Asset      $ 4,300

Credit Sales Income Account  $ 4,300

Debit Cost of good sold           $ 2,800

Credit Inventory Account          $ 2,800

2 Purchased equipment on account for $6,300 from the Strong Company.

Debit Equipment Asset     $ 6,300

Credit Payable                    $ 6,300

4  Received a $100 bill from the local newspaper for an advertisement that appeared in the paper on January 2.

Debit Advertisement expense    $ 100

Credit Payable                              $ 100

8 Sold merchandise on account for $5,800. The cost of the merchandise was $3,600.

Debit Account Receivable    $ 5,800

Credit Sales Income              $ 5,800

Debit Cost of Good Sold       $ 3,600

Credit Inventory                     $ 3,600

10 Purchased merchandise on account for $9,900.

Debit Inventory   $ 9,900

Credit Payable    $ 9,900

13 Purchased equipment for cash, $700.

Debit Equipment Asset   $ 700

Credit Cash                      $ 700

16 Paid the entire amount due to the Strong Company.

Debit Payable                    $ 6,300

Credit Cash                        $ 6,300

18 Received $5,600 from customers on account.

Debit Cash             $ 5,600

Credit Receivable  $ 5,600

20 Paid $700 to the owner of the building for January’s rent.

Debit Rent expense    $ 700

Credit Cash                  $ 700

30 Paid employees $3,800 for salaries and wages for the month of January.

Debit Salary expense    $ 3,800

Credit Cash `                   $ 3,800

31  Paid a cash dividend of $1,000 to shareholders.

Debit Dividend payable/Retain Earning      $ 1000

Credit Cash                                                    $ 1000

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