Current Attempt in Progress

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 $$88,000,9-$ month, $6\%$ note on August $1,$ how much interest expense would be incurred by December $31?$

Interest expense

$

The cash register total including sales taxes is $$51,450,$ and the sales tax rate is $5\%.$ What is the sales taxes payable?

Sales taxes payable

$

If $$67,500$ is collected in advance on November $1$ for $6-$month magazine subscriptions, what amount of subscription revenue should be recognized on December $31?$

Subscription revenue

$

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