[The following information applies to the questions displayed below) Help Save & Exit Submit Check my work The following transactions apply to Walnut Enterprises for Year 1, its first year of operations: 1. Received $42,000 cash from the issue of a short-term note with a 6 percent interest rate and a one-year maturity The note was made on April 1, Year 1. 2. Received $117,000 cash plus applicable sales tax tom performing services. The services are subject to a sales tax rate of 7 percent. 3. Paid $70,000 cash for other operating expenses during the year 4. Paid the sales tax due on $97,000 of the service revenue for the year. Sales tax on the balance of the revenue is not due until Year 2. 5. Recognized the accrued interest at December 31, Year 1 The following transactions apply to Walnut Enterprises for Year 2: 1. Paid the balance of the sales tax due for Year 1. 2. Received $142,000 cash plus applicable sales tax from performing services. The services are subject to a sales tax rate of 7 percent 3. Repaid the principal of the note and applicable interest on April 1, Year 2. 4. Paid $83,000 of other operating expenses during the year. 5. Paid the sales tax due on $117,000 of the service revenue. The sales tax on the balance of the revenue is not due until Year 3 (For all requirements, round your intermediate and final answers to the nearest whole dollar amount.) Pray 2 34 6 of 15 Next > Required information. b. Post the transactions to T-accounts. Cash Sales Tax Payable Beginning Balance 14. Beginning Balance 1 2 Balance Before Closing interest Payable Beginning Balance Balance Before Closing Service Revenue Beginning Balance Balance Before Closing Notes Payable Beginning Balance 1,890 5 42,000 1 1,890 Balance Before Closing Operating Expenses Beginning Balance < Prev 2 8 3 4 6 of 15 Next > 42,000 Check my work ptery Homework-Aigo 2 Required information beginning Baiance 12 of 6 Balance Before Closing Seved beginning balance 1,890 5 1,890 Help Save & Exit Submit Check my work 42,000 Balance Before Closing 42,000 Operating Expenses Beginning Balance Service Revenue Book Beginning Balance P rences Balance Before Closing Balance Before Closing Interest Expense Beginning Balance Balance Before Closing at 15 Next >