ALL OF THIS IS 1 QUESTION PLEASE ANSWER ASAP I WILL LEAVE A THUMBS UP!!

Santa's Workshop Inc. is gearing up for the holiday season. The following transactions and events have occurred: Borrowed $10,000 from the North Pole Bank for three years, at 6% interest. Dec. 1 Interest is due on the first day of every month, starting on January 1 next year Hired seven elves to package toys (they Dec. 5 start work tomorrow) and nine reindeer to deliver them on Christmas Eve. Since they were hired, the seven elves have worked for 15 days each, 7 hours Dec. 24 per day, and today Santa pays them $20 per hour As the North Pole is in Canada, Santa has deducted the following in total Dec 24 from the elves' pay: EIT $2200 CPP $635, and El $450. The appropriate employer portion is also accrued The deliveries were successful and the reindeer are paid with apples, oats, Dec. 26 honey, and whatever milk and cookies Santa was able to take away ho Santa's accountants, Scrooge, Grinch & Partners, tell Santa that he owes $7500 Dec. 28 for last year's income taxes. He has not paid this amount yet. It will be paid in April. The first interest amount on the loan, Dec. 31 due tomorrow, is accrued. The bank deducts the interest from Jan. 1 Santa's account Santa pays Revenue Canada the Jan. 15 amount owed with respect to the elves' payroll Use an accounting chart to analyze the above transactions, and then answer the following questions, Question 41 (2 points) How much interest does Santa pay on January 1? (2 marks) A/ Question 42 (2 points) How much, in total, was the elves' gross pay on December 24? (2 marks) AJ Question 43 (2 points). How much will Santa pay the elves on December 24? (2 marksha A/ Question 44 (2 points) How much does Santa pay Revenue Canada on January 15, with respect to the elves' December payroll? (2 marks) Question 45 (1 point) How does Santa record the December 1 transaction? (1 mark) a) increase both Cash and Owner's Equity b) increase both Cash and Bank Loan Payable C) increase both Cash and Retained Earnings d) no entry needed until the loan is paid e) increase both Cash and Accounts Payable Question 46 (1 point) Which of the above items are events, not transactions, and require no entry? (1 mark) a) December 5, 26, and 28 b) December 24, 26, and 28 c) December 5 and 26 only d) All of the items are transactions which require entries. e) December 5, 24, and 26 Question 47 (1 point) How does Santa record the December 28 transaction? (1 mark) w a) increase both EIT Payable and EIT Expense b) Increase Income Tax Expense and decrease Cash c) increase both Income Tax Payable and EIT Expense d) increase both Income Tax Payable and Income Tax Expense e) increase both EIT Payable and Income Tax Expense Question 48 (1 point) How does Santa record the interest accrual on December 31? (1 mark) a) increase both Accounts Payable and Interest Expense b) no entry required C) increase both Accounts Payable and Bank Fee Expense d) increase both Interest Payable and Bank Fee Expense e) increase both Bank Loan Payable and Interest Expense f) increase both Interest Payable and Interest Expense Question 49 (1 point) How does Santa record the interest payment on January 1? (1 mark) w a) decrease both Interest Expense and Cash b) decrease Interest Payable, Bank Loan Payable, and Cash c) decrease both Bank Loan Payable and Cash d) decrease both Accounts Payable and Cash e) decrease both Interest Payable and Cash Question 50 (4 points) Which accounts will be affected, and how, by the January 15 payment? Select all that apply. (4 marks) a) Employee Benefits Expense decreases b) EIT Payable decreases c) Cash decreases d) El Payable decreases e) El Payable increases Employee Benefits Expense increases g) Wages Expense decreases 3 h) Wages Expense increases G i) Wages Payable decreases 46 i) Cash increases 49 k) EIT Payable increases 1) CPP Payable increases m) Wages Payable increases On) CPP Payable decreases