You and several classmates are studying for the next accounting exam. They ask you to answer the
Question:
You and several classmates are studying for the next accounting exam. They ask you to answer the following questions:
1. If cash is borrowed on a €70,000, 9-month, 6% note on August 1, how much interest expense would be incurred by December 31?
2. The cash register total including sales taxes is €42,000, and the sales tax rate is 5%. What is the sales taxes payable?
3. If €45,000 is collected in advance on November 1 for 6-month magazine subscriptions, what amount of subscription revenue should be recognized by December 31?
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Related Book For 
Accounting Principles
ISBN: 978-1119419617
IFRS global edition
Authors: Paul D Kimmel, Donald E Kieso Jerry J Weygandt
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