Answer:
Whitlow Manufacturing Corporation
T-accounts:
Cash
Date Account Title Debits Credits
Jan. 1 Balance c/d $5,200
Jan. 1 Sales 3,700
Jan. 13 Equipment $700
Jan. 16 Accounts Payable 5,700
Jan. 18 Accounts Receivable 4,400
Jan. 20 Rent 700
Jan. 31 Dividend 800
Accounts receivable
Date Account Title Debits Credits
Jan. 1 Balance c/d $2,200
Jan. 2 Sales Revenue 5,200
Jan. 18 Cash $4,400
Inventory
Date Account Title Debits Credits
Jan. 1 Balance c/d $5,200
Jan. 1 Cost of goods sold 2,200
Jan. 1 Cost of goods sold 3,000
Jan. 10 Accounts Payable 9,600
Equipment
Date Account Title Debits Credits
Jan. 1 Balance c/d $11,200
Jan. 2 Accounts Payable 5,700
Jan. 13 Cash 700
Accumulated depreciation
Date Account Title Debits Credits
Jan. 1 Balance c/d $3,700
Accounts payable
Date Account Title Debits Credits
Jan. 1 Balance c/d $3,200
Jan. 1 Equipment (Strong Co.) 5,700
Jan. 10 Inventory 9,600
Jan. 16 Cash $5,700
Accrued liabilities
Date Account Title Debits Credits
Jan. 4 Advertising Exp. $100
Common stock
Date Account Title Debits Credits
Jan. 1 Balance c/d $8,000
Retained earnings
Date Account Title Debits Credits
Jan. 1 Balance c/d $8,900
Sales revenue
Date Account Title Debits Credits
Jan. 1 Cash $3,700
Jan. 8 Accounts Receivable 5,200
Cost of goods sold
Date Account Title Debits Credits
Jan. 1 Inventory $2,200
Jan. 8 Inventory 3,000
Salaries expense
Date Account Title Debits Credits
Jan. 30 Cash $3,200
Rent expense
Date Account Title Debits Credits
Jan. 20 Cash $700
Advertising expense
Date Account Title Debits Credits
Jan. 4 Accrued liabilities $100
Dividend
Date Account Title Debits Credits
Jan. 31 Cash $800
Explanation:
The T-account is an accounting tool for recording financial transactions based on the double-entry bookkeeping system with debit and credit sides. These days T-accounts are not necessary presented in the T-form. The most important thing is to maintain the debit and credit columns of each account and post transactions according to generally accepted accounting principles.
