You and several classmates are studying for the next accounting exam. They ask you to answer the following questions: (Round answers to 0 decimal places, e.g. 125.) 1. If cash is borrowed on a $87,480, 9-month, 6% note on August 1, how much interest expense would be incurred by December 31?

Interest expense

$enter the interest expense in dollars

2. The cash register total including sales taxes is $46,200, and the sales tax rate is 5%. What is the sales taxes payable?

Sales taxes payable

$enter the sales taxes payable in dollars

3. If $47,940 is collected in advance on November 1 for 6-month magazine subscriptions, what amount of subscription revenue should be recognized by December 31?

Subscription revenue

$enter a dollar amount of subscription revenue