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 $50,000 from the issue of common stock 2. Purchased merchandise inventory of $380,000 on account. 3. Sold merchandise for $510,000 cash (not including sales tax). Sales tax of 8 percent is collected when the merchandise is sold. The merchandise had a cost of $330,000. 4. Provided a six-month warranty on the merchandise sold. Based on industry estimates, the warranty claims would amount to 2 percent of sales. 5. Paid the sales tax to the state agency on $400,000 of the sales. 6. On September 1. Year 1, borrowed $50,000 from the local bank. The note had a 4 percent interest rate and ma on March Year 2. 7. Paid $6,200 for warranty repairs during the year. 8. Paid operating expenses of $78,000 for the year. 9. Paid $250,000 of accounts payable. 10. Recorded accrued interest on the note issued in transaction no. 6. b1. Prepare the journal entries for the preceding transactions. b2. Post the transaction to the appropriate T-accounts. Required information Rea 31 Reg 2 Pout the transaction to the appropriate T-accounts. (Round your answers to the nearest dobar amount.) Cash Merchandise Inventory Beginning Balance Beginning Balance Ending Balance Ending Balance Accounts Payable Sales Tax Payable Beginning Balance Beginning Balance Ending Balance Ending Balance Warranties Payable Interest Payable Beginning Balance Beginning Balance Ending Balance Ending Balance Required information Warranties Payable Beginning Balance Interest Payable Beginning Balance Ending Balance Ending Balance Notes Payable Common Stock Beginning Balance Beginning Balance Ending Balance Ending Balance Sales Revenue Cost of Goods Sold Beginning Balance + Beginning Balance Ending Balance Ending Balance Operating expense Warranty Expense Beginning Balance Beginning Balance Ending Balance Ending Balance S Ending Balance Ending Balance Sales Revenue Beginning Balance Cost of Goods Sold Beginning Balance Ending Balance Ending Balance Operating expense Warranty Expense Beginning Balance Beginning Balance Ending Balance Ending Balance Interest Expense Beginning Balance Ending Balance