E11-2 On June 1, Merando Company borrows $90,000 from First Bank on a 6-month, $90,000, 8% note. Instructions (a) Prepare the entry on June 1. (b) Prepare the adjusting entry on June 30. (c) Prepare the entry at maturity (December 1), assuming monthly adjusting entries have been made through November 30. (d) What was the total financing cost (interest expense)? E11-3 In performing accounting services for small businesses, you encounter the follow- ing situations pertaining to cash sales. Prepare entries for interest- bearing notes. (LO 1) Journalize sales and related taxes. 1. Poole Company enters sales and sales taxes separately on its cash register. On April 10, (LO 1) the register totals are sales $30,000 and sales taxes $1,500. 2. Waterman Company does not segregate sales and sales taxes. Its register total for April 15 is $25,680, which includes a 7% sales tax. Instructions Prepare the entry to record the sales transactions and related taxes for each client. E11-4 Moreno Company publishes a monthly sports magazine, Fishing Preview. Sub- scriptions to the magazine cost $20 per year. During November 2017, Moreno sells 15,000 subscriptions beginning with the December issue. Moreno prepares financial statements quarterly and recognizes subscription revenue at the end of the quarter. The company uses the accounts Unearned Subscription Revenue and Subscription Revenue. Instructions (a) Prepare the entry in November for the receipt of the subscriptions. (b) Prepare the adjusting entry at December 31, 2017, to record sales revenue recognized in December 2017. (c) Prepare the adjusting entry at March 31, 2018, to record sales revenue recognized in the first quarter of 2018. Journalize unearned subscription revenue. (LO 1)