Answer each question independently. Read the requirements. Requirement 1. A restaurant made cash sales of $10,000 subject to a 4% sales tax. Record the sales and the related sales tax. Also record the paym 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. Now record the payment of the tax to the state. Requirement 2. On October 1, 2024, Audey Company purchased equipment at a cost of $20,000, signing a ten-month, 6% note payable for that amou Also record the adjusting entry needed on December 31,2024 , and payment of the note plus interest at maturity on August 1 , 2025 . (Record debits first on the last lne of the joumal entry table.) Begin by recording the October 1 purchase Answer each question independently. Read the requirements. Begin by recording the Uctober 1 purchase. Record the adjusting entry needed on Decomber 31, 2024. Record payment of the note plus interest at maturity on August 1, 2025. Requirement 3. How does a contingent liability differ from a known lability? When would a contingent liability be joumalized? A contingent liability is Contingent liabilites (1) Time Remaining: 01:42:38