Required information Exercise 9.8A (Algo) Current liabilities LO 9-1, 9-2, 9.4 The foliowing intormwion uppien to the questions disployed helow) The foliowing transactions apoly to Ozaik Soles for Yesat 1 1. The business was started wien the company recelved $50.000 from the issue af common stack 2. Puichased merchandise inventoty of $176,500 on account 3. Sold metchandise for $2,09000 cash (not inciuding sales tax): Saies lax of 7 percess is coliected when ve merchandise is sold The merchandse had a cost-of 5134.000 4. Provided a six-morth warranty on the merchandise sold Based on industry estimstes, the warronty clams would amount to 3 percent of saes 5. Paid vie sales tax to the stote agtricy on $159,000 of the sales 6. On Seotembert, Year 1 , borrowed $20500 from the local bank, The note had a 5 percent interest rate and matured on March1, Year 2 7. Paid $5,500 for wartanty repain during the yeet 8. Paid operating expenses of $52,500 for the yeat 9. Paid 5124100 of accounts paysble 10. Recorded accrued imerest on the note issued in transoction numbec 6 Exercise 9.8A (Algo) Port b bt prepale the jounal enints for the preceding transoctions b2. Post the transtiction to the Approprtate T-scoconts