Q3. Sales revenue for sporting goods store amounted to $525,000 for the current period. All sales are on account and are subject to a sales tax of 9%. Which of th following would be included in the journal entry to record the sales?

Q4. A $30,000 three-month, 7%, note payable was issued on Oct 31st, 2015. What is the amount of accrued interest on December 31, 2015?

Q5. Rocco earns $14.5/hour with time and a half for hours in excess of 40/week. He worked 43 hours at his jod during the frist week of March, 2015. Rocco pays federal income taxes at 15% and 6.20% for OASDI and Medicare 1.45%. All of his income is taxable under FICA. Determine Rocco's net pay for the week.

NAME: Multiple choice - select one best answer 1) Amounts owed for products or services purchased on account are called: A) Product payable B) Unearned revenue C) Accrued expense D) Warranty payable E) Accounts payable 2) Which of the following liabilities VHICH of the following liabilities is created when a company receives cash for services yet to be rendered A) Accounts receivable B) Accrued Liability C) Accounts Payable D) Estimated Warranty Payable E) Unearned Revenue 3) Sales revenue for a sporting goods store a venue for a sporting goods store amounted to $525 000 for the current period. All sales are on acco and are subject to a sales tax of 9%. Which of the following would be included in the journal entry to low sales? A) Debit to Sales Revenue for $525,000 B) Credit to Accounts Receivable for $525,000 C) Debit to Sales Tax Payable for $47,250 D) Debit to Accounts Receivable for $572,250 E) None of the above 4) A $30,000, three-month, 7% note payable was issued on October 31, 2015. What is the amount of accrued interest on December 31, 2015? 350 A) Interest expense Cash 350 B) Interest expense Interest payable 350 350 350 C) Interest payable Cash 350 D) Interest payable 350 Interest expense 350 5) Rocco earns $14.5 per hour with time-and-a-half for hours in excess of 40 per week. He worked 43 hours at his job during the first week of March, 2015. Rocco pays federal income taxes at 15% and 6.20% for OASDI and Medicare 1.45%. All of his income is taxable under FICA. Determine Rocco's net pay for the week. A) $548.46 B) $492.10 C) $446.75 D) $499.10 E) $498.10