each question independently Read the Requirement 1, Aurant made cash of 30,000 subject to a 0% tax Record these and then the payment of the text the state content then the last ne of the journal entry table Begin by preparing a compound joumal entry to record the ssles and the ex Date Accounts and Explanations Deb Cre Now recont the payment of the tax to the state Date Accounts and Explanations Deb Credit Requirements 1. Astaurant made sash sales of $3.000 subject to a % ses tax cond the sain and 2. On October 1, 2006 Audry Company purchased equipment at a co 1.000 alen-month 10% note peyst for that amount Record the October 1 purchas A recont the ing entry needed on December 31, 2024, and payment of the ty on Aug 1, 202 3. How does a contingent obey offer make tatty? When woul ay be jumal Print Done p Requirement 2. On October 1, 2024, Audley Company purchased equipment at a cost of $15.000, signing a ten-month 10% note payable for that amount Record the Odober 1 purchase Also recent the abating entry needed on December 31. then credis Select the seplanation on the last line of the journey) 2004, and payment of the nole plus interest at maturity on August 1, 2005 (Record debts Begin by recording the October 1 purchase Answer each question independently Read the ents Requirement 2. On October 1, 2004, Audey Company purchased eqpment at a cost of $15,000, signing a ten-mon, 10% note peate for that amount Record the October 1 purchase. And the ingred on December 31, 2004, and payment of the note plus interest at maturity on August 1, 2025 (Record debts first, then reds Sect the explanation on the last line of the journalble) Begin by recording the October 1 purchase Date 2024 Oct 1 Accounts and Explanations Recond the adjusting entry needed on December 31, 2024 Cate 2004 Dec 31 D Credit Accounts and Explanations De Credit Requirements 2. On October 1, 2024, Audey Compe 1. Arestaurant made cash sales of $3.000 adeta %ss to the sales and the related sales as Also recent the payment of the s sate chased equipment at e $16,000 wing amount Record the October 1 punhase Abo theating entry neted on December 31, 20124 and payment of the note pu interest at maturity on August 1, 2005 1. How does a contingent by differ on a known ability? When ability be journal Print Done Answer each question independently Read the requirements Record quing enery needed on Lecember at Dale 2024 Dec 31 Accounts and Explanations Debi Creat Requirements Recond payment of the note plus interest at maturity on August 1, 2025 Dute 2000 Aug 1 Accounts and Explanations Deb Credit Record the sales and state 2. On October 1, 2004, Audey Company purchased equipment at a cost of $15,000 signing a ten month, 10% note payate for that amount Rect the October 1 purchase An record the adjusting entry needed on December 31, 2024, and payment of the note interest at matury on August 1, 2005 3. How does a contingent bity differ from a known abity? When would a contingent Print Done Requirement 3. How does a contingent lability differ from a known lablity? When would a contingent lability be journalized? A contingent lability is Contingent labies are Time Remaining: 02:46.55 Aug 1 a liability that need not ever be paid out, where a known liability must always be repaid. Prin a potential, rather than an actual (known) liability, because it having to be paid depends on a future event. Requirement 3. How d not due until at least one-year past the balance sheet date, where a known liability is due within a much shorter time frame. A contingent liability is Contingent liabilities are journalized once the liability becomes due within one year of the balance sheet date. journalized when the likelihood of an actual loss is probable and the amount of the expense can be reasonably estimated. never journalized. Print Contingent liabilities are Requirement 1. A restaurant made cash sales of $9,000 subject to a 6% sales tax Record the sales and the related sales tax. Also record the payment of the tax to the state (Recont debts first, then cred the explanation on the line of the journal entry table) Begin by preparing a compound joumal entry to record the sales and the related sales tax Date Accounts and Explanations Debit Credit Now record the payment of the tax to the state. Date Accounts and Explanations Debit Credit Requirements 1. Arestaurant made cash sales of $9,000 subject to a 6% sales tax. Record the sales and the related sales tax. Also record the payment of the tax to the state a 2. On October 1, 2024, Audey Company purchased equipment at a cost of $15,000, signing ten-month, 10% note payable for that amount. Record the October 1 purchase Also record the adjusting entry needed on December 31, 2024, and payment of the note plus interest at maturity on August 1, 2025 3. How does a contingent lability differ from a known Sability? When would a contingent lability be journalized? Print Done x Requirement 2. On October 1, 2024, Audey Company purchased equipment at a cost of $15,000, signing a ten-month, 10% note payable for that amount. Record the October 1 purchase. Also record the adjusting entry needed on December 31 2024, and payment of the note plus interest at maturity on August 1, 2025 (Recond debits first, then credits. Select the explanation on the last line of the journal entry table) Begin by recording the October 1 purchase. Time Remaining: 01:48.50 Next Requirement 2. On October 1, 2024, Audey Company purchased equipment at a cost of $15,000, signing a ten-month 10% note payable for that amount, Recond the October 1 purchase Ales recond the austing entry needed on December 3 2024, and payment of the note plus interest at maturity on August 1, 2025 (Recont debts first, then credits. Select the explanation on the last fine of the journal entry Begin by recording the October 1 purchase Date 2024 Oct. 1 Accounts and Explanations Record the adjusting entry needed on December 31, 2024 Date 2024 Dec 31 - Debit Credit Accounts and Explanations Debit Credit Requirements 1. Arestaurant made cash sales of $9.000 subject to a 0% sales tax Record the sales and the related sales tax. Also record the payment of the tax to the state 2. On October 1, 2024, Audey Company purchased equipment at a cost of $15,000, signing a ten-month, 10% note payable for that amount. Record the October 1 purchase. Also record the adjusting entry needed on December 31, 2024, and payment of the note plus interest at maturity on August 1, 2025 3. How does a contingent lability differ from a known ability? When would a contingent ability be joumalized? Print Done record the aqusang entry needed on uecember a Date 2004 Dec 31 Accounts and Explanations Debit Credit Record payment of the note plus interest at maturity on August 1, 2025 Date 2025 Aug. 1 Accounts and Explanations Debit Credit Requirement 3. How does a contingent liability differ from a known lability? When would a contingent lability be journalized? A contingent liability is Requirements 1. Arestaurant made cash sales of $9,000 subject to a 6% sales tax Record the sales and the related sales tax. Also record the payment of the tax to the state 2. On October 1, 2024, Audey Company purchased equipment at a cost of $15,000, signing aban-month, 10% note payable for that amount. Recond the October 1 purchase. Also record the adjusting entry needed on December 31, 2024, and payment of the note plus interest at maturity on August 1, 2025 3. How does a contingent liability differ from a known liability? When would a contingent lability be joumalized? Contingent abilities are Print Done Record payment of the note plus interest at maturity on August 1, 2025. Date Accounts and Explanations Debit Credit 1. A restaurant made cash sales of $9,000 s the related sales tax. Also record the paym 2. On October 1, 2024, Audey Company pur a ten-month, 10% note payable for that am record the adjusting entry needed on Dec interest at maturity on August 1, 2025. 3. How does a contingent liability differ from lability be journalized? 2025 Aug. 11 a liability that need not ever be paid out, where a known liability must always be repaid. a potential, rather than an actual (known) liability, because it having to be paid depends on a future event. not due until at least one-year past the balance sheet date, where a known liability is due within a much shorter time frame. Requirement 3. How d A contingent liability is MacBook Air Contingent liabilities are Print Record payment of the note plus interest at maturity on August 1, 2025. Date 2025 Aug. 1 Accounts and Explanations Debit Credit journalized once the liability becomes due within one year of the balance sheet date. journalized when the likelihood of an actual loss is probable and the amount of the expense can be reasonably estimated never joumalized. MacBook Av 1. A restaurant made cash sales a the related sales tax. Also recom 2. On October 1, 2024, Audey Co a ten-month, 10% note payable record the adjusting entry need interest at maturity on August 1 3. How does a contingent liability liability be journalized? Contingent liabilities are