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Journalize the adjusting entry needed

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Reference no: EM132545924

Question - Lovepreet Equipments Ltd faced the following situations.

The business has an interest expense of $7,000 early in January 2020.

Interest revenue of $5,000 has been earned but not yet received.

When the business collected $6,000 in advance three months ago, the accountant debited Cash and credited Unearned Revenue. The client was paying for two test machines, one delivered in December, the other to be delivered in March 2020.

Salary expense is $200 per day to you (please add your name to the entry when you do it. Deduct 5 marks without a name)- Monday through Friday - and the business pays employees each Friday. For example, purposes, assume that this year, December 31 falls on a Tuesday.

Journalize the adjusting entry needed at 2019 year-end (December 31, 2019) for each situation. Each scenario should be considered independently. Please explain your adjusting entries.

Reference no: EM132545924

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