ACC 3010 CHAPTER 10: LIABILITIES PART 1 The following are bits of information related to Lafferty Inc.'s current liabilities. Lafferty is a calendar year corporation. December sales totaled $300,000, and Lafferty collected sales tax of 5%. The sales tax will be sent to the state of Virginia early in January. Prepare the journal entry to record the sales in total and recognize the sales tax to be sent to the state On August 31, Lafferty signed a six-month, 6% note payable to purchase equipment costing $80,000. The note requires payment of principal and interest at maturity. Prepare the journal entry(s) to record any necessary adjustment at year end. On October 31, Lafferty received cash of $2,400 in advance for the rent on a building. This rent will be earned evenly over six months. Record the journal entry(s) to reflect any necessary adjustment at year end.