Q1,On 1 June 2022 McIntyre Ltd issued a three-month, $30 000 bill payable to Northgate Savings in order to borrow $28 000. If the bill payable is still outstanding at 30 June 2022, the end of the financial year, which of the following will be reported on McIntyre Ltd's financial statements concerning the bill? Group of answer choices

Interest expense: Yes; Discount on bills: No; Bills payable: No.

Interest expense: No; Discount on bills: Yes; Bills payable: Yes.

Interest expense: Yes; Discount on bills: Yes; Bills payable: Yes.

Interest expense: No; Discount on bills: No; Bills payable: No.

Q2,

True Blue Retailers provides a one year labour and parts warranty with every appliance sold. At the beginning of 2023, the provision to cover warranty claims had a balance of $9 000. On 30 April 2023, $1300 was paid out for repairs on appliances under warranty. The correct accounting entry to record the payment of the claims is: Group of answer choices

DR Provision for warranties $1300; CR Bank $1300

DR Warranty expense $1300; CR Provision for warranties $1300

DR Warranty expense $1300; CR Bank $1300

DR Provision for warranties $1300; CR Warranty expense $1300