! Required information Exercise 9-8A 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 $48,500 from the issue of common stock. 2. Purchased equipment inventory of $176,500 on account 3. Sold equipment for $198,000 cash (not including sales tax). Sales tax of 6 percent is collected when the merchandise is sold. The merchandise had a cost of $123,000. 4. Provided a six-month warranty on the equipment sold. Based on industry estimates, the warranty claims would amount to 4 percent of sales. 5. Paid the sales tax to the state agency on $148,000 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 $5,900 for warranty repairs during the year. 8. Pald operating expenses of $52,000 for the year. 9. Pald $125,000 of accounts payable. 10. Recorded accrued Interest on the note issued in transaction no. 6. Exercise 9-8A Part b b. Prepare the journal entries for the preceding transactions and post them to the appropriate T-accounts. (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.) View transaction list Journal entry worksheet