1- a restaurant made cash sales of $4,000 subject to a 5% salestax. record the sales and the related tax. also record the paymentof the tax to the state.
on october 1, 2014, rhodes company purchased equipment at a costof $10,000.00, signing a nine-month 8% note payable for thatamount. record the october 1 purchase and the adjusting entryneeded on december 31, 2014. record the entry for the payment ofthe note plus interest at maturity on july 1, 2015.
2- closing entries using T-account
| title | debit | credit |
| cash | | |
| sales revenue | | |
| sales tax payable | | |
| | |
| sales tax payable | | |
| cash | | |
| | |
| equipment | | |
| notes payable | | |
| | |
| interest expense | | |
| interest payable | | |
| | |
| note payable | | |
| interest payable | | |
| interest expense | | |
| cash | | |
| | |
| | |
| | |
please do 1 and 2
