REQUIRED: Prepare formal journal entries to record these events and any necessary adjusting journal entries in the YR01 and YR02 accounting records. If no formal journal entry is needed for a given event, provide a brief explanation for the fact that no journal entry is needed. Assume that all general ledger accounts related to events/transactions have a balance of zero (0) on 1-1-YR01. Company accounting policy is as follows: - Company policy is to record adjusting journal entries once each year at year-end (December 31st ). Reversing journal entries are not used by the company. - Sales tax is recorded concurrently with sales revenue. ( S.R ) - Merchandise purchases are recorded using the 'Gross Method', - For internal control reasons, company policy prohibit jour company uses a perpetual inventory system. - The company's yearend is December 31st. Note: For this problem calculate journal entry amounts to the nearest dollar. REQUIRED: Prepare formal journal entries to record these events and any necessary adjusting journal entries in the YR01 and YR02 accounting records. If no formal journal entry is needed for a given event, provide a brief explanation for the fact that no journal entry is needed. Assume that all general ledger accounts related to events/transactions have a balance of zero (0) on 1-1-YR01. Company accounting policy is as follows: - Company policy is to record adjusting journal entries once each year at year-end (December 31st ). Reversing journal entries are not used by the company. - Sales tax is recorded concurrently with sales revenue. ( S.R ) - Merchandise purchases are recorded using the 'Gross Method', - For internal control reasons, company policy prohibit jour company uses a perpetual inventory system. - The company's yearend is December 31st. Note: For this problem calculate journal entry amounts to the nearest dollar