2 voluntary homework Saved Help Save C Exercise 2-22 (Algo) Reversing entries (Appendix 2B) k The following transactions occurred during December 31, 2021, for the Microchip Company. 1. On October 1, 2021, Microchip lent $97,500 to another company. A note was signed with principal and 8% interest to be paid on September 30, 2022 2. On November 1, 2021, the company paid its landlord $4,000 representing rent for the months of November through January Prepaid rent was debited. 3. On August 1, 2021, collected $8,000 in advance rent from another company that is renting a portion of Microchip's factory. The $8,000 represents one year's rent and the entire amount was credited to deferred rent revenue. 4. Depreciation on office equipment is $3,000 for the year. Vacation pay for the year that had been earned by employees but not paid to them or recorded is $6,500. The company records 6. Microchip began the year with $1,500 in its asset account, supplies. During the year. $5,500 in supplies were purchased and debited to supplies. At year-end, supplies costing $2,750 remain on hand. Required: 1. & 2. If Microchip's accountant employed reversing entries for accruals, prepare the adjusting entries at the end of 2021 for only those entries that would be reversed. 3. Prepare the appropriate reversing entries at the beginning of 2022 Complete this question by entering your answers in the tabs below. Req 1 and 2 Reg 3 TF Mennt Amand eine entne nesse the state