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 equipment inventory of $380,000 on account. 3. Sold equipment 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 equipment 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 matured on March 1, Year 2 7. Pald $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. b. Prepare the journal entries for the preceding transactions and post them to the appropriate T-accounts. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your answers nearest dollar amount.) View transaction list Journal entry worksheet 2 3 5 6 7 8 11 > The business was started when the company received $50,000 from the issue of common stock Note: Enter debits before credits General Journal Debit Credit Event 01 Record entry Clear entry View general journal 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