On October $1,2021,$ Microchip lent $$117,500$ to another company. A note was signed with principal and $8\%$ interest to be paid on September $30,2022.$

On November $1,2021,$ the company paid its landlord $$5,600$ representing rent for the months of November through January. Prepaid rent was debited.

On August $1,2021,$ collected $$11,200$ in advance rent from another company that is renting a portion of Microchip's factory. The $$11,200$ represents one year's rent and the entire amount was credited to deferred rent revenue.

Depreciation on office equipment is $$4,200$ for the year.

Vacation pay for the year that had been earned by employees but not paid to them or recorded is $$7,700.$ The company records vacation pay as salaries expense.

Microchip began the year with $$1,900$ in its asset account, supplies. During the year, $$6,300$ in supplies were purchased and debited to supplies. At year$-$end, supplies costing $$3,150$ remain on hand.

Required:

& $2.$ 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.

Prepare the appropriate reversing entries at the beginning of $2022.$