Do It! Review 8-1a You and several classmates are studying for the next accounting examination. They ask you to answer the following questions: 1. 2. If cash is borrowed on a $58,800, 10-month, 10% note on August 1, how much Interest expense would be incurred by December 31? The cash register total including sales taxes is $46,725, and the sales tax rate Is 5%. What is the sales taxes payable? If $46,725 is collected in advance on November 1 for 5-month magazine subscriptions, what amount of subscription revenue should be recognized on December 31? 3