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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 $50,000 from the issue of common stock. 2. Purchased merchandise Inventory of $175,000 on account. 3. Sold merchandise for $191,500 cash (not Including sales tax). Sales tax of 7 percent is collected when the merchandise is sold. The merchandise had a cost of $116,500. 4. Provided a slx-month warranty on the merchandise sold. Based on Industry estimates, the warranty clalms would amount to 3 percent of sales. 5. Pald the sales tax to the state agency on $141,500 of the sales. 6. On September 1, Year 1, borrowed $20,000 from the local bank. The note had a 6 percent Interest rate and matured on March 1, Year 2. 7. Pald $5,500 for warranty repairs during the year. 8. Pald operating expenses of $52,500 for the year. 9. Paid $124,300 of accounts payable. 10. Recorded accrued Interest on the note Issued In transaction number 6 . b1. Prepare the journal entrles for the preceding transactions. b2. Post the transaction to the approprlate T-accounts. Complete this question by entering your answers in the tabs below. 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.) Journal entry worksheet B C D E F G H The business was started when the company received $50,000 from the issue of common stock. Record the transaction. Note: Enter debits before credits. Complete this question by entering your answers in the tabs below

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