Time Left:1:10:08 Nickolas Vendramin: Attempt 1 GoodWaves IT Services Ltd. borrows $40,000 from Meridian Credit Union on August 1 for three months at an (annual) interest rate of 3.6%. The interest is payable on the first of each month starting with September 1. GoodWave's business year ends on September 30, and it records adjusting entries only at that time! Instructions: Prepare the necessary journal entries for GoodWaves IT Services Ltd. and answer the following questions in the appropriate boxes below: Blank #1: What is the amount of interest due on the first of each month? Blank #2: For the first interest payment on September 1, what account should be debited? Blank #3: For the first interest payment on September 1, what account should be credited? Blank #4: For the accrual of interest on September 30, what account should be debited? Blank #5: For the accrual of interest on September 30, what account should be credited? Blank #6: For the second interest payment on October 1, what account should be debited? Blank #7: For the second interest payment on October 1, what account should be credited? Note: For numerical answers, please only enter the plain number (no $-signs, no MacBook Pro comma, no spaces, etc.) For the account names, please enter the appropriate names from the alphabetical list below: Accounts Payable Accounts Receivable Bank Loan Payable Cash Inventory Interest Expense Interest Payable Prepaid Interest Expense Retained Earnings Blank # 1 Blank #2 Blank #3 Blank #4 Blank # 5 Blank #6 Blankz MacBook Pro