each question independently. Requirement 1. A restaurant made cash sales Select the explanation on the last line of the jou Begin by preparing a compound journal entry to Date Accounts Requirements 1. A restaurant made cash sales of $7,000 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, 2024, McCann Company purchased equipment at a cost of $25,000, signing a four-month, 12% 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 February 1, 2025. 3. How does a contingent liability differ from a known liability? When would a contingent liability be joumalized? Now record the payment of the tax to the state. Date Accounts Print Done - o the state. (Record debits first, then credits. Requirement 1. A restaurant made cash sales of $7,000 subject to a 5% sales tax. Record the sales and the related sales tax. Also record the payment of the tax to the state. (Record debits first, then credit Select the explanation on the last line of the journal entry table.) Begin by preparing a compound journal 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 Requirement 2. On October 1, 2024, McCann Company purchased equipment at a cost of $25,000, signing a four-month, 12% 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 February 1, 2025. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Begin by recording the October 1 purchase. Date 2024 Oct. 1 Accounts and Explanations Debit Credit Record the adjusting entry needed on December 31, 2024. Date 2024 Dec. 31 Accounts and Explanations Debit Credit Record payment of the note plus interest at maturity on February 1, 2025. Date 2025 Feb. 1 Accounts and Explanations Debit Credit Requirement 3. How does a contingent liability differ from a known liability? When would a contingent liability be journalized? A contingent liability is Contingent liabilities are