Requirement 1. A restaurant made cash sales of $5,000 subject to a 7% sales tax. Record the sales and the related sales tax. Also record the payment of the tax to the state. (Record debits first, then credits. 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 Now record the payment of the tax to the state. Date Requirement? Debit Credit Accounts and Explanations Debit Credit Requirement 2. On October 1, 2024, Douglas Company purchased equipment at a cost of $30,000, signing a six-month, 6% 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 April 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 April 1, 2025. Accounts and Explanations Date 2025 Apr. 1 Debit Credit Record payment of the note plus interest at maturity on April 1, 2025. Date 2025 Apr. 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 are Contingent liabilities