1 Required information [The following information applies to the questions dispidyed below] The following transections apply to Ozark Sales for Year 1: 1. The business was stanted when the company recelved $50,000 from the issue of common stock. 2. Purchased merchandise inventory of $380,000 on account 3. Sold merchandise for $510,000 cash (not including sales tax). Sales tax of 8 percent is collected when the merchandise is sold. The merchandiso had a cost of $330,000. 4. Provided a six-month warranty on the merchandise sold, Based on industry estimates, the warranty claims would amount to 2 percent of sales. 5. Pald the sales tax to the state agency on $400,000 of the sales 6. On September 1, Year 1, borrowed $50,000 from the jocal bank. The note had a 4 percent interest rote and matured on March 1, Year 2 7. Paid $6,200 for watranty repairs during the yeat 8. Paid operating expenses of $78,000 for the year. 9. Paid $250 poo of accounts payable. 10. Recorded accrued interest on the note issued in transaction na. 6. b1. Prepare the journal entries for the preceding transactions. b2. Post the transaction to the appropriate T-accounts. Complete this question by entering your answers in the tabs below. Required information Prepare the journal entries for the preceding transactions. (If no entry is required for a transaction/event, select "No foumal entry required in the first account fleld. Round your answers to the nearest dollar amount.) Journal entry worksheet The business was starteg when the company recelved $50,000 from the issue. of common stock. Recorls the transaction. Noe Inter debis before credits. Post the transaction to the appropriate T-accounts. (Round your answers to the nearest dolian amount.)