Requirement 2. On October 1, 2018, Draper Company purchased equipment at a cost of $60,000, signing a nine-month, 5% 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 July 1, 2019. (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 Accounts and Explanations Debit Credit Equipment 2018 Oct. 1 3 Choose from any list or enter any number in the input fields and then continue to the next question. 532 PM 10/12/2020 Record the adjusting entry needed on December 31, 2018 Date Accounts and Explanations Debit Credit 2018 Dec. 31 Record payment of the note plus interest at maturity on July 1, 2019. Choose from any list or enter any number in the input fields and then continue to the next question. gi e e Record payment of the note plus interest at maturity on July 1, 2019. Date Accounts and Explanations Debit Credit 2019 Jul. 1 Date Accounts and Explanations Debit Credit 2019 Jul. 1 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 Contingent liabilities are A contingent liability is Choose from any list or enter any number in the input fields and then continue to the next question te Accounts and Explanations Debit Credit Requirements nt liability differ fra 1. A restaurant made cash sales of $9,000 subject to a 7% sales tax. Record the sales and the related sales tax. Also record the payment of the tax to the state. 2. On October 1, 2018, Draper Company purchased equipment at a cost of $60,000, signing a nine-month, 5% 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 July 1, 2019. 3. How does a contingent liability differ from a known liability? When would a contingent liability be journalized? abilities are umber in the inpu Print Done O