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Question # 1 Which of the following items should normally be classified as a current liability for Prairie Brewing Company? Prairie has a 1 5

Question # 1Which of the following items should normally be classified as a current liability for Prairie Brewing Company? Prairie has a 15-month operating cycle.a. A note payable due in 18 months.b. Salaries payable.c. A payable that matures in two years.d. A note payable due in 10 months.e. The portion of a long-term note that is due to be paid in 12 months.Question # 2If Simran Make-up sells $5,600 of make up (merchandise with a cost of $4,800) for cash on September 30. The sales tax law requires Simran to collect 13% harmonized sales tax on every dollar of merchandise sold. Record Simran's entries for the $5,600 sale and applicable sales tax.Question # 3During 2018, Jane Bubble Tea House recorded $36,000 in estimated income taxes on the last day of each month and made the payment on the 15th of the following month. On December 31,2018, Jane's year-end, it was determined that total income tax expense for the year was $402,000. Record the income tax expense on December 31(assuming no entry has yet been made in December to record tax) and the payment on January 15,2019. Question # 4Toronto Concerts receives $2,000,000 in advance cash ticket sales for a four-date tour for Diana Krall. Record the advance ticket sales as a lump sum as of October 31,2019. The concerts sold out and no additional ticket sales have been recorded. Record the revenue earned for the first concert date, November 16,2019, assuming each concert date brings in the same amount of revenue.

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