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You and several classmates are studying for the next accounting examination. They ask you to answer the following questions.

If cash is borrowed on a $$54,000,9-$month, $10\%$ note on August $1,$ how much interest expense would be incurred by December $31?$

The cash register total including sales taxes is $$46,515,$ and the sales tax rate is $5\%.$ What is the sales taxes payable?

If $$46,515$ is collected in advance on November $1$ for $7-$month magazine subscriptions, what amount of subscription revenue should be recognized on December $31?$

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