2. Petrocelli Company obtains $40,000 in cash by signing a 7%, 6-month, $40,000 note payable to First Bank on July 1. Petrocelli's fis- cal year ends on September 30. What information should be reported for the note payable in the annual financial statements? 3. a. Your roommate says, "Sales taxes are reported as an expense in the income statement." Do you agree? Explain. b. Jensen Company has cash proceeds from sales of $8,400. This amount includes $400 of sales taxes. Give the entry to record the proceeds. 4. Ottawa University sold 15,000 season football tickets at $80 each for its six-game home schedule. What entries should be made (a) when the tickets were sold, and (b) after each game