A company has a fiscal year-end of December 31: (1) on October 1, $16,000 was paid for a one-year fire insurance policy: (2) on June 30 the company advanced its chief financial officer $14,000; principal and interest at 8% on the note are due in one year, and (3) equipment costing $64,000 was purchased at the beginning of the year for cash. Prepare journal entries for each of the above transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 3 On June 30 the company advanced its chief financial officer $14,000; principal and interest at 8% are due in one year. Note: Enter debits before credits. Debit Credit Transaction 2 General Journal Interest receivable Record entry Clear entry View general journal 6 The following account balances were taken from the 2021 adjusted trial balance of the Bowler Corporation: sales revenue, $465,000, cost of goods sold, $238,000, salaries expense, $59,000; rent expense, $34,000; depreciation expense, $44,000; and miscellaneous expense, $26.000 12.5 points Prepare an income statement for 2021. BOWLER CORPORATION Income Statement For the Year Ended December 31, 2021 eBook Print References 0 $ The following account balances were taken from the 2021 post-closing trial balance of the Bowler Corporation: cash. $6,500; accounts receivable, S16,500 inventory. $29.000, equipment, $150,000; accumulated depreciation, $66,000; accounts payable, $33,000; salaries payable, $25,000, retained earnings, $15,000; and common stock, $63,000. Prepare a 12/312021 balance sheet. (Amounts to be deducted should be indicated by a minus sign.) eBook BOWLER CORPORATION Balance Sheet At December 31, 2021 Assets Print $ Current assets Cash Accounts receivable Inventory 6.500 References 6.500 s 6.500 Liabilities and Shareholders' Equity 0 0 8 The year-end adjusted trial balance of the Timmons Tool and Die Corporation included the following account balances: retained earings, $240,000, dividends, $20,000, sales revenue, $830,000, cost of goods sold, $530,000, salaries expense, $200,000: rent expense, $44,000, and interest expense, $19.000 Prepare the necessary closing entries. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 12.5 points eBook View transaction list View journal entry worksheet No Transaction General Journal Debit Print 1 Credit Sales revenue Interest revenue 830,000 830,000 References