Listed below are a few transactions and events of Yacht Company.

1.	Yacht Company records an adjusting entry for $560,000 of previously unrecorded cash sales (costing $280,000) and its sales taxes at a rate of 6%.
2.	The company earned $112,000 of $280,000 previously received in advance for services.

Prepare any necessary adjusting entries at December 31, 2011, for Yacht Companys year-end financial statements for each of the above separate transactions and events. (Omit the "$" sign in your response.)

General Journal

Debit

Credit