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On Octaber 1, 2020, a company purchased equipment for $150,000. They poid $50,000 in cash and signed a 10-year Note payable for $100,000 with a 10\% interest rate. The Interest payments are due on March 31 and September 30 each yearWhat is the adjusting entry needed, if ary, on December 31, 2020. Debit Interest Experee \$2,500, Debit Interest Payable $2,500, and Crodit Cash $5,000 No Entry is Noccsary Debit Interest Expcrec $2,500, and Credit Cash $2,500 Debit Interest Experes $5,000, Credit Interest Payable $2,500, and Crodit Cach $2,500 Dehit Interest Expcrese $2,500, and Credit Interest Payable $2,500. Question 3 15pts On June 1, 2020, a company paid $5,600 to The Insurance Group for a 2-year Umbrella palicy- The policy takes effect on July 1, 2020. What journal entry is needed, if any, to record the purchase of the insurance policy on June 1, 2020. Debit Insunnce Expcrese $1,400, and Credit Prepaid Insurance $1,400 Dehit Insunnce Experec $5,600; and Credit Cash $5,600 Debit Frepaid Insurance $4,200, Debit baunnoe Expense $1,400, and Credit Cash $5,600 No Entry is Nocded Debit Frepaid Insurance $5,600, and Credt Cash $5,600 Question 4 15pts On December 1, 2020, a compary received an order for $100,000 af product from a prominent customer. The product is scheduled to be delivered an February 1, 2021. What journal entry is needed, if any, to record this transaction on December 1. 2020? Debit Accounts Fecceivible $100,000, and Credit Unearned Revenue $100,000 Debit Cash $100,000, and Credit Bevenue $100,000 No Entry is Nocded Dehit Cash $100,000, and Credit Uncarnod Bevenue $100,000 Debit flevenuc $100,000, and Credit Uneamed Reverue $50,000