7 of 8 View Policies Current Attempt in Progress 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 $62.400, 11-month, 10% note on August 1, how much interest expense would be incurred by December 31? $ 2. The cash register total including sales taxes is $44,730, and the sales tax rate is 5%. What is the sales taxes payable? $ 3. If $44,730 is collected in advance on November 1 for 7-month magazine subscriptions, what amount of subscription revenue should be recognized on December 31? $ eTextbook and Media Save for Later Attempts: 0 of 3 used Submit