The following transactions apply to Ozark Sales for Year 1:

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

Purchased merchandise inventory of $176,500 on account.

Sold merchandise for $192,000 cash (not including sales tax). Sales tax of 7 percent is collected when the merchandise is sold. The merchandise had a cost of $117,000.

Provided a six-month warranty on the merchandise sold. Based on industry estimates, the warranty claims would amount to 3 percent of sales.

Paid the sales tax to the state agency on $142,000 of the sales.

On September 1, Year 1, borrowed $21,000 from the local bank. The note had a 5 percent interest rate and matured on March 1, Year 2.

Paid $5,900 for warranty repairs during the year.

Paid operating expenses of $55,500 for the year.

Paid $124,600 of accounts payable.

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

Post the transactions to the appropriate T-accounts. (Round your answers to the nearest dollar amount.)