Required information Exercise 9.8A (Algo) Current liabilities LO 9-1, 9-2, 9-4 [The following information applies to the questions displayed below] The following transactions apply to Ozark Sales for Year 1 : 1. The business was started when the company received $49,500 from the issue of common stock. 2. Purchased merchandise inventory of $177,000 on account. 3. Sold merchandise for $198,500 cash (not including sales tax). Sales tax of 7 percent is collected when the merchandise is sold. The merchandise had a cost of $123,500. 4. Provided a six-month warranty on the merchandise sold. Based on industry estimates, the warranty claims would amount to 5 percent of sales. 5. Paid the sales tax to the state agency on $148,500 of the sales, 6. 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 7. Paid $5,600 for warranty repairs during the year 8. Paid operating expenses of $55,000 for the year 9. Paid $125.700 of accounts payable 10. Recorded accrued interest on the note issued in transaction number 6 . Exercise 9.8A (Algo) Part b b1. Prepare the journal entries for the preceding transactions. b2. Post the transaction to the appropriate T-accounts. Required information