A restaurant made cash sales of $4,000 subject to a 5% sales tax.
Record the sales and the related tax. Also record the payment of the tax to the state.
On October 1, 2014, Rhodes Company purchased equipment at a cost of $10,000.00,
signing a nine-month 8% note payable for that amount. Record the October 1 purchase
and the adjusting entry needed on December 31, 2014. Record the entry for the payment of
the note plus interest at maturity on July 1, 2015.
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