Arenado Company completed the following transactions during 2017. He operates on a calendar year. Jan. 8 Purchased inventory on account at an invoice cost of $14,860; assume a perpetual inventory system. Paid January 8 invoice. Borrowed $35,000 from National Bank for general use on a 12-month, 8% interest-bearing note payable. Purchased merchandise for resale on account at an invoice cost of $17,420. Jan. 17 Apr. 1 June 3 July 5 Paid June 3 invoice. Aug. 1 Dec. 20Received a $100 deposit from a customer as a guarantee to return a large trailer Dec. 31 Determined wages of $9,500 earned but not yet paid on December 31 (omit Rented a small office in their building to a customer. Collected six months' rent in advance amounting to $6,000. borrowed for 30 days. payroll taxes). Required 1. Prepare journal entries for the above transactions. 2. Prepare all necessary adjusting entries at year-end regarding the above transactions