On December 15, 2015, a pablic company received an order fiven a customer for serviees to be performed on December 28,2015 . Due to a backlog of orders, the company does not perform the services until January 3,2016 . The customer pays for the services oe Jamary 6.2016. When should revenue be reconded for the company? Why (support your angument with a principle from the texibook)? Question 2.2 Scranton Motors Lad company faced the following situations. - The business has an interest expense of 59,000 carly in Janeary 2017. - An interest revenue of $2,000 has been carned bat not yet received. - When the business collected $12,000 in advance three months ago, the accountant debited Cash and credited Uneamed Revenue. The client was paying for two cark, one delivered in December, the other will be delivered in Fetonuary 2017. - Salary expense is $500 per day - Monday through Friday - and the business pays employees each Friday. For example, purposes, assume that this year, December 31 falls on a Tuesday. - The unadjusted balance of the Supplies account is $2,100. The total cost of supplies on hand is $800. - Equipment was purchased at the beginning of this year at a cont of $40,000. The equipment's useful life is four years. Resord the depreciation for this year and then determine the cquipment's carrying amount. a Journalize the adjusting entry needed at year end for each situation. Each seenario should be considered independently. Question 2.3 7. Prepare the required closing entries for the following selected accounts from the records of ShipIT Transportation Ins. on December 31, 2016. *. How much net income did ShipIT Transportation lnc. cam during the year ended December 31, 2016? Prepare a T-account for Retained Earnings to show the December 31, 2016 balance of Retained Earnings