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You and several classmates are studying for the next accounting exam. They ask you...

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Accounting

You and several classmates are studying for the next accounting exam. They ask you to answer the following questions:
If cash is borrowed on a $60,000,10-month, 10% note on August 1, how much interest expense would be incurred by December 31?
The cash register total including sales taxes is $44,835, and the sales tax rate is 5%. What is the sales taxes payable?
If $44,835 is collected in advance on November 1 for 6-month magazine subscriptions, what amount of subscription revenue should be recognized on December 31?
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