Question: PLEASE ANSWER ALL (109) You and several classmates are studying for the next accounting exam. They ask you to answer the following questions: (Round answers

PLEASE ANSWER ALL (109)

You and several classmates are studying for the next accounting exam. They ask you to answer the following questions: (Round answers to 0 decimal places, e.g. 125.) 1. If cash is borrowed on a $76,080, 9-month, 6% note on August 1, how much interest expense would be incurred by December 31?

Interest expense

2. The cash register total including sales taxes is $44,100, and the sales tax rate is 5%. What is the sales taxes payable?

Sales taxes payable

3. If $66,840 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

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