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Unformatted text preview: P2-2 Accounting cycle through unadjusted trial balance LO2 LO3The following is the post-closing trial balance for the Whitlow Manufaruring Corporation as of December 31, 2005. Account TitleDebitCreditCash $5,000 Accounts receivable 2,000 Inventory 5,000 Equipment 11,000 Accumulated depreciation—equipment $3,500 Accounts payable 3,000 Common stock 10,000 Retained earnings 6,500 Sales revenue 0 Cost of goods sold 0 Wage expense 0 Rent expense 0 Advertising expense 0 Total $23,000 $23,000 The following transactions occurred during January 2006: Jan. 1 Sold merchandise for cash, $4,400. The cost of the merchandise was $2,514. The company uses the perpetual inventory system. 2 Purchased equipment on account for $4,600 from the Strong Company. 4 Received a $250 bill from the local newspaper for an advertisement that appeared in the paper on January 2. 8 Sold merchandise on account for $5,100. The cost of the merchandise was $2,856....
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This note was uploaded on 03/30/2010 for the course COB ACCY 202 taught by Professor Shapland during the Spring '10 term at University of Illinois, Urbana Champaign.
- Spring '10