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@ Chrome File Edit View History Bookmarks Profiles Tab Window Help xz F Q S Sundug 31 3:45PM e00@ LTI Launch x @ Question7-Chapter2Home xX + @@ oly '0 G_ % ezto.mheducation.com/ext/map/index.ht.. Q o Ca @ _NewChrome available } BS chat Thread 12 = wy Search Q @ U Google Search points The following transactions occurred for the Microchip Company. 1. On October 1, 2027, Microchip lent $89,000 to another company. A note was signed with principal and 10% interest to be received oO + Asknew a on September 30, 2028. = 2. On November 1, 2027, the company paid its landlord $9,000 representing rent for the months of November through January. jexaek Prepaid rent was debited at the time of payment. o oO 3. On August 1, 2027, 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. 'i Print 4. Depreciation on office equipment is $5,500 for the year. Verify with tutor 5. Vacation pay for the year that had been earned by employees but not paid to them or recorded is $9,000. The company records OQ 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. @ References Required: Prepare the necessary adjusting entries at December 31, 2027 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 or event, select "No journal entry required" in the first account field. Journal entry worksheet Let's analyze Transaction 1: . 4 5 Transaction 1: On October 1, 2027, Microchip lent $89,000 to another [ company. A note was signed with principal and 10% interest to be Vacation pay for the year that had been earned by employees but not paid to received on September 30, 2028. Prepare the necessary adjusting entry them or recorded is $9,000. The company records vacation pay as salaries on December 31, 2027. expense. Prepare the necessary adjusting entry on December 31, 2027. Step-by-Step Solution 1. Identify the Issue Note: Enter debits before credits. Ask Al your follow up question. Do not enter personal information. Image Document eo