(11 marks) Question 1 The following transactions of Flash Paper Shop occurred during 2011: Purchased equipment for $40,000 on credit. Recorded the week's sales of $60,000, on-third for cash and two-thirds on credit Borrowed $100,000 on a four-year, 9% loan that calls for annual payments of interests each 30 April Paid the six-month $40,000 bill payable (issued on February 3), 9% at maturity Purchased inventory at a cost of $7,000, signing a three-month, 6% bill payable for that amount. Accrued warranty expense, which is estimated at 3% of sales of $200,000 Accrued interest on all outstanding bills and loans payable. Make a separate interest accrual entry for each amount payable Feb 3 28 Apr 30 Aug 3 Nov 30 31 Dec 31 Required: Record the transactions in the general journal. Explanations are not required. Ignore GST