Exercise $2-9($Algo$)$ Adjusting entries $[$LO$2-6]$

The following transactions occurred for the Microchip Company.

On October $1,2024,$ Microchip lent $$89,000$ to another company. A note was signed with principal and $10\%$ interest to be paid on

September $30,2025.$

On November $1,2024,$ the company paid its landlord $$9,000$ representing rent for the months of November through January.

Prepaid rent was debited at the time of payment.

On August $1,2024,$ collected $$15,000$ in advance rent from another company that is renting a portion of Microchip's factory. The

$$15,000$ represents one year's rent and the entire amount was credited to deferred rent revenue at the time cash was received.

Depreciation on office equipment is $$5,500$ for the year.

Vacation pay for the year that had been earned by employees but not paid to them or recorded is $$9,000.$ The company records

vacation pay as salaries expense.

Microchip began the year with $$3,000$ in its asset account, supplies. During the year, $$7,500$ in supplies were purchased and

debited to supplies. At year$-$end, supplies costing $$3,750$ remain on hand.

Required:

Prepare the necessary adjusting entries at December $31,2024$ for each of the above situations. Assume that no financial statements

were prepared during the year and no adjusting entries were recorded.

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.