You and several classmates are studying for the next accounting examination. They ask you to answer the following questions: 1. If cash is borrowed on a $54,000, 9 month, 10% note on August 1. how much interest expense would be incurred by December 31? The cash register total including sales taxes is $46,515, and the sales tax rate is 5%. What is the sales taxes payable? If $46,515 is collected in advance on November 1 for 7-month magazine subscriptions, what amount of subscription revenue should be recognized on December 312 3