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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 Dec. 24 have worked for 15 days each, 7 hours 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 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. Jan. 1 The bank deducts the interest from 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 19 (2 points) How much interest does Santa pay on January 1? (2 marks) Question 20 (2 points) How much, in total, was the elves' gross pay on December 24? (2 marks) Question 21 (2 points) How much will Santa pay the elves on December 24? (2 marks) A Question 22 (2 points) How much does Santa pay Revenue Canada on January 15, with respect to the elves' December payroll? (2 marks) AY Question 23 (1 point) How does Santa record the December 1 transaction? (1 mark) Oa) increase both Cash and Bank Loan Payable Ob) increase both Cash and Accounts Payable Oc) increase both Cash and Retained Earnings Od) increase both Cash and Owner's Equity no entry needed until the loan is paid Question 24 (1 point) Which of the above items are events, not transactions, and require no entry? (1 mark) a) December 24, 26, and 28 Ob) December 5, 26, and 28 Od December 5, 24, and 26 d) December 5 and 26 only e) All of the items are transactions which require entries. Question 25 (1 point) How does Santa record the December 28 transaction? (1 mark) a) increase both Income Tax Payable and EIT Expense b) increase both EIT Payable and EIT Expense c) increase both Income Tax Payable and Income Tax Expense d) increase both EIT Payable and Income Tax Expense e) Increase Income Tax Expense and decrease Cash Question 26 (1 point) How does Santa record the interest accrual on December 31? (1 mark) a) no entry required b) increase both Interest Payable and Interest Expense c) increase both Interest Payable and Bank Fee Expense Od) increase both Accounts Payable and Interest Expense e) increase both Bank Loan Payable and Interest Expense f) increase both Accounts Payable and Bank Fee Expense How does Santa record the interest payment on January 1? (1 mark) a) decrease both Interest Payable and Cash b) decrease both Bank Loan Payable and Cash c) decrease both Interest Expense and Cash d) decrease Interest Payable, Bank Loan Payable, and Cash e) decrease both Accounts Payable and Cash Which accounts will be affected, and how, by the January 15 payment? Select all that apply. (4 marks) a) Employee Benefits Expense decreases b) Employee Benefits Expense increases c) Wages Expense increases d) Wages Payable increases e) Wages Payable decreases f) Wages Expense decreases g) CPP Payable increases h) El Payable decreases i) Cash decreases Oi) Cash increases k) EIT Payable decreases 1) CPP Payable decreases m) El Payable increases On) EIT Payable increases