Problem 8.6A (Algo) Journalizing and posting merchandising transactions for buyer and seller. LO 8-1, 8-3, 8-4 Bowden Company (buyer) and Song, Inc. (seller), engaged in the following transactions during January 20X1: Bowden Company DATE TRANSACTIONS 20X1 Jan. 8 Issued Check 2101 for $2,842 on account to Song, Inc., in payment of Invoice 1885 dated December 30, 20X0, less cash discount of $58. 10 Purchased merchandise for $1,950 from Song, Inc., Invoice 1920; terms 2/10, n/30. 15 Received Credit Memorandum 320 from Song, Inc., for damaged merchandise totaling $100 that was returned; the goods were purchased on Invoice 1920, dated January 10. 19 Paid amount due to Song, Inc., for Invoice 1920 of January 10, less the return of January 15 and less the cash discount, Check 2130. 30 Purchased merchandise for $4,100 from Song, Inc., Invoice 1950; terms 2/10, n/30. GENERAL LEDGER ACCOUNTSBOWDEN COMPANY 201 Accounts Payable, $2,900 Cr. ACCOUNTS PAYABLE LEDGER ACCOUNTBOWDEN COMPANY Song, Inc., $2,900 Song, Inc. DATE TRANSACTIONS 20X1 Jan. 8 Received payment of $2,842 on account from Bowden Company in payment of Invoice 1885 dated December 30, 20X0, less cash discount of $58. 10 Sold merchandise for $1,950 on account to Bowden Company, Invoice 1920, terms 2/10, n/30. 15 Issued Credit Memorandum 320 to Bowden Company for damaged merchandise totaling $100 that was returned; the goods were purchased on Invoice 1920, dated January 10. 19 Received payment from Bowden Company for Invoice 1920 of January 10, less the return of January 15 and less the cash discount. 30 Sold merchandise for $4,100 to Bowden Company, Invoice 1950; terms 2/10, n/30. GENERAL LEDGER ACCOUNTSSONG, INC. 111 Accounts Receivable, $2,900 Dr. ACCOUNTS RECEIVABLE LEDGER ACCOUNTSONG, INC. Bowden Company, $2,900 Required: 1a. Journalize the transactions above in a general journal for Bowden Company. 1b. Journalize the transactions above in a general journal for Song, Inc. 2. Post the transactions to the appropriate accounts in the general ledger and the accounts payable subsidiary ledger for Bowden Company. 3. Post the transactions to the appropriate accounts in the general ledger and the accounts receivable subsidiary ledger for Song, Inc. Analyze: What is the balance of the accounts payable for Song, Inc., in the Bowden Company accounts payable subsidiary ledger? What is the balance of the accounts receivable for Bowden Company in the Song, Inc., accounts receivable subsidiary ledger?