= Question Help CYU11-1 (similar to) Answer each question independently. Requirement 1. A restaurant made cash sales of $3,000 subject to a 4% sales tax. Record the sales and the related sales tax. Also record the payment of the tax to the state (Record debes fest, then credits Select the explanation on the last 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 00 ud Requirements 1. A restaurant made cash sales of $3,000 subject to a 4% 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, Messier Company purchased equipment at a cost of $40,000, signing a four-month, 9% 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 February 1, 2019. 3. How does a contingent liability differ from a known liability? When would a contingent liability be journalized? Print Done