1. Received $41,500 cash from the issue of a short-term note with a 4 percent interest rate and a one-year maturity. The note was made on April 1. Year 1. 2. Received $119,000 cash plus applicable sales tax from performing services. The services are subject to a sales tax rate of 7 percent. 3. Paid $72,000 cash for other operating expenses during the year. 4. Paid the sales tax due on $99,000 of the service revenue for the year. Sales tax on the balance of the revenue is not due until Year 2 5. Recognized the accrued interest at December 31, Year 1. The following transactions apply to Walnut Enterprises for Year 2: 1. Paid the balance of the sales tax due for Year 1. 2. Received $144,000 cash plus applicable sales tax from performing services. The services are subject to a sales tax rate of 7 percent. 3. Repaid the principal of the note and applicable interest on April 1, Year 2. 4. Paid $85,000 of other operating expenses during the year. 5. Paid the sales tax due on $119,000 of the service revenue. The sales tax on the balance of the revenue is not due until Year 3. (For all requirements, round your intermediate and final answers to the nearest whole dollar amount.) Prepare the closing entries and post them to the T-accounts. (If no entry is required for a transaction/event, select "No journal -ntry required" in the first account field.) View transaction list Journal entry worksheet 1 2 Record the closing entry for service revenue. Note: Enter debits before credits. Event General Journal Debit Credit 1 Record entry Clear entry View general journal Journal entry worksheet 1 1 Record the closing entry for expenses. Note: Enter debits before credits Event General Journal Debit Credit 2 Record entry Clear entry View general journal Cash Sales Tax Payable Beg Bal. Beg. Bal End. Bal. End. Bal Interest Payable Notes Payable Beg Bal Bog. Bal End. Bal End Bal Service Revenue Operating Expenses Beg. Bal. Beg Bal End. Bal. End. Bal. Interest Expense Retained Earnings Beg. Bal. Beg. Bal. Prepare a post-closing trial balance. WALNUT ENTERPRISES Post Closing Trial Balance As of December 31, Year 1 Account Titles Debit Credit Totals $ 0 0 $