Milestone 2: Recording and Reporting Current Liabilities with Discussion of Cash Flow Effects Rogers Company completed the following transactions during Year 1. Rogers's fiscal year ends on December 31. 8Purchased merchandise for resale on account. The Jan. invoice amount was $14,860; assume a perpetual inventory system. 17Paid January 8 invoice. 1Borrowed $35,000 from National Bank for general use; Apr. signed a 12-month, 8% annual interest-bearing note for the money. June 3Purchased merchandise for resale on account. The invoice amount was $17,420. 5Paid June 3 invoice. July Aug. 1Rented office space in one of Rogers's buildings to another company and collected six months' rent in advance amounting to $6,000. Dec. 20Received a $100 deposit from a customer as a guarantee to return a trailer borrowed for 30 days. 31Determined wages of $9,500 were earned but not yet paid on December 31 (disregard payroll taxes). DELIVERABLES 1. Prepare journal entries for each of these transactions. 2. Prepare all adjusting entries required on December 31. 3. What is the total amount of liabilities arising from these transactions that will be reported on the fiscal year-end balance sheet? 4. For each transaction, state whether operating cash flows increase, decrease, or are not affected