Multiple Choice Question 52 Watunga County Bank agrees to lend Bramble Granite Company $612000 on January 1. Bramble Granite Company signs a $612000, 9%, 10-month note. The entry made by Bramble Granite on January 1 to record the proceeds and issuance of the note is Cash 612000 Interest Expense 45900 Notes Payable 657900 Cash 612000 Interest Expense 45900 Notes Payable 612000 Interest Payable 45900 Interest Expense 45900 Cash 566100 Notes Payable 612000 Cash 612000 Notes Payable 612000 On October 1, Coronado's Carpet Service borrows $360000 from First District Bank on a 3-month, $360000, 8% note. What entry must Coronado's Carpet Service make on December 31 before financial statements are prepared? Interest Expense 7200 7200 Interest Payable Interest Expense 28800 Interest Payable 28800 Interest Expense 7200 Notes Payable 7200 Interest Payable 7200 Interest Expense 7200 On October 1, Sheffield's Carpet Service borrows $351000 from First National Bank on a 3-month, $351000, 8% note. The entry by Sheffield's Carpet Service to record payment of the note and accrued interest on January 1 is Notes Payable 379080 Cash 379080 Notes Payable 351000 Interest Payable 7020 Cash 358020 Notes Payable 358020 Interest Payable 28080 Cash 351000 Notes Payable 358020 7020 Interest Expense 379080 Cash to be credited to the account Sales Revenue is: $5985. O $6300. $6615. O $6000. Sheffield Insurance Company collected a premium of $38460 for a 1-year insurance policy on May 1. What amount should Sheffield current liability for Unearned Insurance Revenue at December 31? report as $12820. O$38460 $0. $25640. A retail store does not segregate sales and the amount of sales tax on sales. If the sales tax rate is 5% and the register total amounted to $609000, what is the amount of the sales taxes owed to the taxing agency? $30450 $29000 $580000 O $609000