Question: Your answer is incorrect. You and several classmates are studying for the next accounting examination. They ask you to answer the following questions: 1.

Your answer is incorrect. You and several classmates are studying for the

Your answer is incorrect. 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 $54,000, 10-month, 10% note on August 1, how much interest expense would be incurred by December 31? 2,250 2. The cash register total including sales taxes is $42,315, and the sales tax rate is 5%. What is the sales taxes payable? $ 2115 3. If $42,315 is collected in advance on November 1 for 5-month magazine subscriptions, what amount of subscription revenue should be recognized on December 31? $

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