1202 .III "3' Cf Problem 1 (10 points) A Company sells merchandise for $2,500 cash, and is subject to a 6% sales tax. Record the bums] em for the sale. Account Title Problem 2(15 points} A Company wants to extend the credit due on it's $1,000 account. The other Company agrees to accept $500 cash, and a $500 10% note payable. Record the journal entry for this transaction. Account Title Problem 3 (20 points} John and Jane Doe form a partnership. .lohn invests $20,000 cash, $10,000 equipment, and $10,000 machinery. Joan invests $20,000 cash. Record the journal entry for each partner's contribution. Account Title Account Title i ilearnsouthern.wvnet.edu