Do It! Review 10-1a Your answer is partially correct. Try again. You and several classmates are studying for the next accounting examination. They ask you to answer the following questions: 1. If cash is borrowed on a $83,000, 9-month, 6% note on August 1, how much interest expense would be incurred by December 31? Interest expense 3735 2. The cash register total including sales taxes is $37,450, and the sales tax rate is 7%. What is the sales taxes payable? Sales taxes payable 35000 3. If $59,100 is collected in advance on November 1 for 6-month magazine subscriptions, what amount of subscription revenue should be recognized by December 31? Subscription revenue 19700