Question:

Please see question in the attached file.

9.) Bowling Corporation had the following transactions occur during January:

a.) Bowling purchased $450,000 in inventory on credit.

b.) Bowling received $13,000 in cash from customers for subscriptions that will not begin until the following month.

c.) Bowling signed a note from Midwest Bank for $67,000.

d.) Bowling sold all the inventory purchased in (a) for $700,000 on account.

e.) Bowling paid employees $120,000 for services performed (and recorded) during the previous year.

f.) Bowling purchased land for $56,000 in cash.

g.) Bowling received $650,000 in cash from customers paying off previous accounts receivable.

h.) Bowling paid dividends to stockholders in the amount of $4,000.

i.) Bowling owes its employees $123,000 for work performed during the current month but not yet paid.

j.)Bowling paid $300,000 on its accounts payable.

k.) Bowling paid taxes in cash of $45,000.

Required:

A.) Prepare journal entries for the previous transactions.

B.) Complete the following T-accounts. Numbers already under the accounts represent the prior balance in that account.

C.) Prepare a trial balance for the end of January.

Figure 4.31Opening T-Account Balances - See chart in attachment

9.) Bowling Corporation had the following transactions occur during January: 1. Bowling purchased $450,000 in inventory on credit. 2. Bowling received $13,000 in cash from customers for subscriptions that will not begin until the following month. 3. Bowling signed a note from Midwest Bank for $67,000. 4. Bowling sold all the inventory purchased in (a) for $700,000 on account. 5. Bowling paid employees $120,000 for services performed (and recorded) during the previous year. 6. Bowling purchased land for $56,000 in cash. 7. Bowling received $650,000 in cash from customers paying off previous accounts receivable. 8. Bowling paid dividends to stockholders in the amount of $4,000. 9. Bowling owes its employees $123,000 for work performed during the current month but not yet paid. 10. Bowling paid $300,000 on its accounts payable. 11. Bowling paid taxes in cash of $45,000. Required: A. Prepare journal entries for the previous transactions. B. Complete the following T-accounts. Numbers already under the accounts represent the prior balance in that account. C. Prepare a trial balance for the end of January. Figure 4.31Opening T-Account Balances