Required information [The following information applies to the questions displayed below.] The following transactions apply to Ozark Sales for Year 1: 1. The business was started when the company received $49,000 from the issue of common stock. 2. Purchased equipment inventory of $177,500 on account. 3. Sold equipment for $197,500 cash (not including sales tax). Sales tax of 8 percent is collected when the merchandise is sold. The merchandise had a cost of $122,500. 4. Provided a six-month warranty on the equipment sold. Based on industry estimates, the warranty claims would amount to 3 percent of sales. 5. Paid the sales tax to the state agency on $147,500 of the sales. 6. On September 1, Year 1, borrowed $20,500 from the local bank. The note had a 5 percent interest rate and matured on March 1, Year 2. 7. Paid $6,000 for warranty repairs during the year. 8. Paid operating expenses of $52,500 for the year. 9. Paid $124,800 of accounts payable. 10. Recorded accrued interest on the note issued in transaction no. 6. b. Prepare the journal entries for the preceding transactions and post them to the appropriate T-accounts. (Round your answers to the nearest dollar amount. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Cash Merchandise Inventory Beg. Bal. Beg. Bal. End. Bal. End. Bal. Accounts Payable Sales Tax Payable Beg. Bal. Beg. Bal. End. Bal. End. Bal. Warranties Payable Interest Payable Beg. Bal. Beg. Bal. End. Bal. End. Bal. Notes Payable Common Stock Beg. Bal. Beg. Bal. End. Bal. End. Bal. Sales Revenue Cost of Goods Sold Beg. Bal. Beg. Bal. End. Bal. End. Bal. Other Operating expense Warranty Expense Beg. Bal. Beg. Bal. End. Bal. End. Bal. Interest Expense Beg. Bal. End. Bal