Gizmo Traders has a long-term loan at Vice Bank for R150 000. On 28 February 20.1, the end of the financial year, the interest on long-term loan account had a debit balance of R10 000. At the end of the financial year, it was determined that interest at a rate of 10% must still be provided for the long-term loan for four months. Which of the following is correct? General ledger account to be General ledger account to be debited credited (1) Prepaid expense Interest on long term loan 10 000 Accrued expenses 5 000 (2) Interest on long-term loan (3) Interest on long-term loan (4) Interest on long-term loan Accrued income 5 000 Income received in advance 15 000 (5) Accrued expense Interest on long-term loan 15 000 Use the information provided below, for Snow Plumbing Services, which uses the periodic inventory system, to answer question 7: Inventory (1 July 20.7). Cash purchases... Credit purchases.. Purchases returns. Freight inwards. Freight outwards. Settlement discount received........ Settlement discount granted Inventory (31 July 20.8)......... 150 000 15 000 6 000 2 000 1 200 1 800 1 700 2 500 120 000 Additional information: The owner of Snow Plumbing Services donated taps and basins to the value of R1 000 to the local crche on 16 June 20.7. No entries regarding this transaction was made in the accounting records of Snow Plumbing Services, yet