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 recelved $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 soid Based on industry estimates, the warranty claims woutd amount to 2 percent of sales. 5. Paid the sales tax to the state agency on $400000 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. Paid $6,200 for warranty repais duting 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 Complete this question by entering your answers in the tabs below. Prepare the journal entries for the preceding transfictions. (If no entry is required for a transaction/event, select "No joumal entry required" in the first account field. Round your answers to the nearest dollar amount.) Journal entry worksheet The business was started when the company recelved $50,000 from the issue of common stock. Record the transaction. Journal entry worksheet Purchased merchandise inventory of $380,000 on account. Record the transaction. Note: Enter debits before credits. Journal entry worksheet Sold merchandise for $510,000 cash (not including sales tax). Sales tax of 8 percent is collected when the merchandise is sold. Record the transaction. Note: Enter debits before credits. Journal entry worksheet The merchandise sold had a cost of $330,000. Record the transaction. Note: Enter debits before credits. Journal entry worksheet Provided a six-month warranty on the merchandise sold. Based on industry estimates, the warranty claims would amount to 2 percent of sales. Record the transaction. Note: Enter debits before credits. Journal entry worksheet A D Paid the sales tax to the state agency on $400,000 of the sales. Record the transaction. Note: Enter debits before credits. Journal entry worksheet 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. Record the transaction. Note: Enter debits before credits. Journal entry worksheet A B C D E F G Paid $6,200 for warranty repairs during the year. Record the transaction. Note: Enter debits before credits. Journal entry worksheet A D Paid operating expenses of $78,000 for the year. Record the transaction. Note: Enter debits before credits. Journal entry worksheet Paid $250,000 of accounts payable. Record the transaction. Note: Enter debits before credits. Journal entry worksheet Recorded accrued interest on the note issued in transaction number 6 . Note: Enter debits before credits