Bowling Corporation had the following transactions occur during February:

Bowling purchased $375,000 in inventory on credit.

Bowling received $17,000 in cash from customers for subscriptions that will not begin until the following month.

Bowling signed a note from Midwest Bank for $75,000.

Bowling sold all the inventory purchased in (1) above for $600,000 on account.

Bowling paid employees $107,000 for some of the services performed during January.

Bowling purchased land for $66,000 in cash.

Bowling received $500,000 in cash from customers paying off some of Januarys accounts receivable.

Bowling paid dividends to stockholders in the amount of $3,500.

Bowling owes its employees $103,000 for work performed during February but not yet paid.

Bowling paid $330,000 on its accounts payable.

Bowling paid taxes in cash of $55,000.

Required:

1.) Prepare journal entries for the above transactions.

2.) Complete the T-accounts below. Numbers already under the accounts represent the prior balance in that account. Opening T-Account Balances

3. Prepare a trial balance for February.