50: AC 111 Example #9 Liabilities Intex Co. had the following transactions related to various liabilities in the month of October. Oct. 1 Sold merchandise to a customer for $1,200 in a state with a 5% sales tax. Oct. 3 Borrowed $10,000 by signing a 30-day note bearing 7% interest Oct. 5 Sold merchandise to a customer for $320 in a state with a 5% sales tax. Oct. 7 Paid the balance due on a $20,000 60-day note bearing 8% interest. Oct. 15 Remitted the sales taxes collected to the state for the first half of the month.Oct. 25 Sold merchandise to a customer for $750 in state with a 5% sales tax. Oct. 31 Recognized the warranty cost for the month. Warranty costs for all products sold is estimated to be 2% of sales. Required: 1. Prepare the necessary journal entries for these transactions