1. A restaurant made cash sales of $13,000 subject to a 5% sales tax. Record the sales and the related sales tax. Also record the payment of the tax to the state. 2. On October 1, 2018, Audey Company purchased equipment at a cost of $45,000, signing a ten-month, 6% note payable for that amount. Record the October 1 purchase. Also record the adjusting entry needed on December 31, 2018, and payment of the note plus interest at maturity on August 1, 2019. 3. How does a contingent liability differ from a known liability? When would a contingent liability be journalized? Print Done