Adjusting entry: On 1 December 2019, Count-On-Us Pty Ltd invested $50,000 in a term deposit at Commonwealth Bank. Interest is received after one year and the interest rate is 6% p.a.Instructions: Record the adjusting entry for the year ending 30 June 2020 by selecting the correct accounts and amounts that are debited and credited. Select account/amountCashInterest ReceivableSuppliesPrepaid InsurancePrepaid RentVanAccumulated Depreciation VanAssetLandAccounts PayableInterest PayableLoan PayableContributed CapitalRetained EarningsInterest RevenueExpenseDepreciation ExpenseInterest ExpenseWages ExpenseInterest revenue$1,000$1,500$1,750$12,000$50,000 General JournalJune[ Select ][ Select ]30.[ Select ][ Select ]>>>

The adjustment entries are made to adjust the profits and losses of the current year.

Adjusting entry: On 1 December 2019, Count-On-Us Pty Ltd invested $50,000 in a term deposit at Commonwealth Bank. Interest is received after one year and the interest rate is 6% p.a. Instructions: Record the adjusting entry for the year ending 30 June 2020 by selecting the correct accounts and amounts that are debited and credited.