The following transactions occurred during December 31, 2024, for the Microchip Company. 1. On October 1,...

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The following transactions occurred during December 31, 2024, for the Microchip Company. 1. On October 1, 2024, Microchip lent $107,500 to another company. A note was signed with principal and 8% Interest to be paid on September 30, 2025. 2. On November 1, 2024, the company paid its landlord $4,800 representing rent for the months of November through January. Prepaid rent was debited at the time of payment. 3. On August 1, 2024, collected $9,600 in advance rent from another company that is renting a portion of Microchip's factory. The $9,600 represents one year's rent and the entire amount was credited to deferred rent revenue at the time cash was received. 4. Depreciation on office equipment is $3,600 for the year. 5. Vacation pay for the year that had been earned by employees but not paid to them or recorded is $7,100. The company records vacation pay as salaries expense. 5. Microchip began the year with $1,700 in its asset account, supplies. During the year, $5,900 in supplies were purchased and debited to supplies. At year-end, supplies costing $2,950 remain on hand. Required: 1. & 2. If Microchip's accountant employed reversing entries for accruals, prepare the adjusting entries at the end of 2024 for only those entries that would be reversed. 3. Prepare the appropriate reversing entries at the beginning of 2025. Complete this question by entering your answers in the tabs below. Req 1 and 2 Req 3 If Microchip's accountant employed reversing entries for accruals, prepare the adjusting entries at the end of 2024 for only those entries that would be reversed. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list View journal entry worksheet No Transaction General Journal Debit Credit 1 1 Notes receivable 107,500 Cash 107,500 2 2 Prepaid rent 4,800 Cash 4,800 3 3 Cash 9,600 Deferred rent revenue 9,600 4 4 Depreciation expense 3,600 Accumulated depreciation 3,600 5 5 Salaries expense 7,100 Salaries payable 7,100 The following transactions occurred during December 31, 2024, for the Microchip Company. 1. On October 1, 2024, Microchip lent $107,500 to another company. A note was signed with principal and 8% Interest to be paid on September 30, 2025. 2. On November 1, 2024, the company paid its landlord $4,800 representing rent for the months of November through January. Prepaid rent was debited at the time of payment. 3. On August 1, 2024, collected $9,600 in advance rent from another company that is renting a portion of Microchip's factory. The $9,600 represents one year's rent and the entire amount was credited to deferred rent revenue at the time cash was received. 4. Depreciation on office equipment is $3,600 for the year. 5. Vacation pay for the year that had been earned by employees but not paid to them or recorded is $7,100. The company records vacation pay as salaries expense. 5. Microchip began the year with $1,700 in its asset account, supplies. During the year, $5,900 in supplies were purchased and debited to supplies. At year-end, supplies costing $2,950 remain on hand. Required: 1. & 2. If Microchip's accountant employed reversing entries for accruals, prepare the adjusting entries at the end of 2024 for only those entries that would be reversed. 3. Prepare the appropriate reversing entries at the beginning of 2025. Complete this question by entering your answers in the tabs below. Req 1 and 2 Req 3 If Microchip's accountant employed reversing entries for accruals, prepare the adjusting entries at the end of 2024 for only those entries that would be reversed. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list View journal entry worksheet No Transaction General Journal Debit Credit 1 1 Notes receivable 107,500 Cash 107,500 2 2 Prepaid rent 4,800 Cash 4,800 3 3 Cash 9,600 Deferred rent revenue 9,600 4 4 Depreciation expense 3,600 Accumulated depreciation 3,600 5 5 Salaries expense 7,100 Salaries payable 7,100