QUESTION 3 (4 marks). New World Dealer Pty Ltd had several major business transactions and events during the year ended 30 June 2021. An extract is given below: Transaction 1: During December 2020, Betty Jepson, the owner of New World Dealer Pty Ltd paid $4,000 for a family holiday using the business cheques account. This transaction was treated as a business expense, with Betty arguing, "It is my business and my money! Betty recorded it as a decrease in cash and an increase in other expenses. Transaction 2: Betty Jepson, the owner of New World Dealer Pty Ltd, in an attempt to make the profit of his business looks better for the year ended 30th June 2021, did not record an interest payment of $15,000 incurred that was not due to be paid until 1 September 2021

REQUIRED: TE For each of the above situation: 1. Identify if any accounting concept or principle has been violated. If so, briefly explain the relevant concept or principle. (Word limit: 50 words for less) 2. Record the correct journal entry that New World Dealer Pty Ltd should have done if you believe they have violated any accounting concept or principle. (Narrations not required).