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Question 3. Make the appropriate journal entries for each part, assuming the company uses the...

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Question 3. Make the appropriate journal entries for each part, assuming the company uses the accrual basis of accounting. The company's fiscal year ends on December 31. Each part counts four points, as if it were a separate question. Part e (four points). A company owes $42,000 to its bank. For the latest month, interest on the loan amounted to $400, but the interest has not yet been paid nor has it been recorded on the books. The interest is due to be paid in the middle of next month. You need to accrue the interest for the month that will be paid next month. Part f (four points) There was a water leak in the company's building. The office manager at the company knew various plumbers, and phoned around until she found one who would come right away to fix the leak. The plumber was so backed up with other calls that he said he would send a bill. The bill has now been received, for $180 (surprisingly inexpensive for the work done, thank goodness). The check to pay the plumber will be sent early next month. Because the leak was not major, all that was needed was a repair, so the company has an account Repairs expense where it can be recorded

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