You and several classmates are studying for the next accounting examination. They ask you to...
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Accounting
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 exist57, 600, 11-month, 10% note on August 1, how much interest expense would be incurred by December 31? The cash register total including sales taxes is exist44, 520, and the sales tax rate is 5%. What is the sales taxes payable? If exist44, 520 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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