Required Information [The following information applles to the questions displayed below.] The following transactions apply to Ozark Sales for Year 1: 1. The business was started when the company recelved $49,000 from the issue of common stock. 2. Purchased merchandise inventory of $175,500 on account. 3. Sold merchandise for $194,000 cash (not including sales tax). Sales tax of 6 percent is collected when the merchandise is sold. The merchandise had a cost of $119,000. 4. Provided a six-month warranty on the merchandise sold. Based on industry estimates, the warranty claims would amount to 3 percent of sales. 5. Pald the sales tax to the state agency on $144,000 of the sales. 6. On September 1, Year 1, borrowed $21,500 from the local bank. The note had a 7 percent interest rate and matured on March 1, Year 2. 7. Pald $5,900 for warranty repalrs during the year. 8. Pald operating expenses of $54,500 for the year. 9. Pald $125,900 of accounts payable. 10. Recorded accrued interest on the note issued in transaction number 6 . b1. Prepare the journal entries for the preceding transactions. b2. Post the transaction to the appropriate T-accounts. Prepare the journal entries for the preceding transactions. (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.) ost the transactions to the appropriate T-accounts. (Round your Req B1 Req B2