Required information

$[$The following information applies to the questions displayed below.$]$

The following transactions apply to Walnut Enterprises for Year $1,$ its first year of operations:

Received $$42,500$ cash from the issue of a short$-$term note with a $7$ percent interest rate and a one$-$year maturity. The note was made on April $1,$ Year $1.$

Received $$122,000$ cash plus applicable sales tax from performing services. The services are subject to a sales tax rate of $6$ percent.

Paid $$70,500$ cash for other operating expenses during the year.

Paid the sales tax due on $$102,000$ of the service revenue for the year. Sales tax on the balance of the revenue is not due until Year $2.$

Recognized the accrued interest at December $31,$ Year $1.$

The following transactions apply to Walnut Enterprises for Year $2$:

Paid the balance of the sales tax due for Year $1.$

Received $$147,000$ cash plus applicable sales tax from performing services. The services are subject to a sales tax rate of $6$ percent.

Repaid the principal of the note and applicable interest on April $1,$ Year $2.$

Paid $$83,500$ of other operating expenses during the year.

Paid the sales tax due on $$122,000$ 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.$)$

Required

a$.$ Record the Year $1$ transactions in general journal form. $($If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.$)$

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