1. Received $42,000 cash from the Issue of a short-term note with a 6 percent Interest...

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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 $119,000 cash plus applicable sales tax from performing services. The services are subject to a sales tax rate of 6 percent. 3. Paid $72,500 cash for other operating expenses during the year. 4. Paid the sales tax due on $99,000 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 $144,000 cash plus applicable sales tax from performing services. The services are subject to a sales tax rate of 6 percent. 3. Repaid the principal of the note and applicable Interest on April 1, Year 2 4. Paid $85,500 of other operating expenses during the year. 5. Paid the sales tax due on $119,000 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.) d-1. Prepare the closing entries. d-2. Post the entries to the T-accounts. Complete this question by entering your answers in the tabs below. Req D1 Req D2 Prepare the closing entries. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet < A B Record the closing entry for service revenue. Note: Enter debits before credits. Event 1 General Journal Debit Credit > 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 $119,000 cash plus applicable sales tax from performing services. The services are subject to a sales tax rate of 6 percent. 3. Paid $72,500 cash for other operating expenses during the year. 4. Paid the sales tax due on $99,000 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 $144,000 cash plus applicable sales tax from performing services. The services are subject to a sales tax rate of 6 percent. 3. Repaid the principal of the note and applicable Interest on April 1, Year 2 4. Paid $85,500 of other operating expenses during the year. 5. Paid the sales tax due on $119,000 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.) d-1. Prepare the closing entries. d-2. Post the entries to the T-accounts. Complete this question by entering your answers in the tabs below. Req D1 Req D2 Prepare the closing entries. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet < A B Record the closing entry for service revenue. Note: Enter debits before credits. Event 1 General Journal Debit Credit >