The following transactions apply to Ozark Sales for Year $1$:

$1.$ The business was started when the company received $$49,000$ from the issue of common stock.

$2.$ Purchased merchandise inventory of $$175,500$ on account.

$3.$ Sold merchandise for $$206,500$ cash $($not including sales tax$).$ Sales tax of $6$ percent is collected when the merchandise is sold. The merchandise had a cost of $$131,500.$

$4.$ Provided a six$-$month warranty on the merchandise sold. Based on industry estimates, the warranty claims would amount to $4$ percent of sales.

$5.$ Paid the sales tax to the state agency on $$156,500$ of the sales.

$6.$ On September $1,$ Year $1,$ borrowed $$20,500$ from the local bank. The note had a $5$ percent interest rate and matured on March $1,$ Year $2.$

$7.$ Paid $$5,800$ for warranty repairs during the year.

$8.$ Paid operating expenses of $$54,000$ for the year.

$9.$ Paid $$125,700$ of accounts payable.

$10.$ Recorded accrued interest on the note issued in transaction number $6.$

Required:

b$1.$ Prepare the journal entries for the preceding transactions.

b$2.$ Post the transaction to the appropriate T$-$accounts.