On July 1 , ABC Company borrows $100,000 cash from the First Bank. The terms of the loan are, principal plus interest is due in 3 months. The interest rate is 6% annually. The journal entry to record the payment at maturity would include: A credit to cash of $101,500. A debit to cash of $101,500. A debit to Notes Payable of $101,500. A credit to Interest payable of $1,500 Question 3 1 pts Quick Shop sells $10,000 of merchandise on July 5 . The sales tax for all purchases of merchandise is 8%. What is the journal entry to record the sale and sales tax? A credit to Sales Tax Payable of $800. A debit to Sales Tax Expense of $800. A debit to Sales Tax Payable of $800 A credit to Sales Tax payable of $10,800