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7. Bowling Corporation had the following transactions occur during February: 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) above for $700,000 on account. e. Bowling paid employees $120,000 for services performed during January f. Bowling purchased land for $56,000 in cash. g. Bowling received $650,000 in cash from customers paying off January's accounts receivable. h. Bowling paid dividends to stockholders in the amount of $4,000. 1. Bowling owes its employees $123,000 for work performed during February 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 above transactions. b. Complete the T-accounts below. Numbers already under the accounts represent the prior balance in that account. Figure 4.29 Opening Account Balances Soocool Account SOLO Accounts 100.000 Figure 4.29 Opening Account Balances 500.000 Accounts Receivable 650.000 Inventory D Land 22.000 Nounts Payable 10000 Uneamed Revenue Salary Payable 120.000 Note Payabile 30,000 Capital Shock 302.000 Sales Revenue Cost of Goods Sold Retained Earnings 220,000 Salary Expense o Tax Coponse 0 Dividends 0 c. Prepare a trial balance for February

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