Question

Check my work Exercise 2-9 (Algo) Adjusting entries (LO2-6] The following transactions occurred during December 31, 2021, for the Microchip Company. 10 points 1. On October 1, 2021, Microchip lent $99,000 to another company. A note was signed with principal and 10% interest to be paid on September 30, 2022. 2. On November 1, 2021, the company paid its landlord $12,000 representing rent for the months of November through January. Prepaid rent was debited. 3. On August 1, 2021, collected $18,000 in advance rent from another cBok $18,000 represents one year's rent and the entire amount was credit pany that is renting a portion of Microchip's factory. The to deferred rent revenue. 4. Depreciation on office equipment is $6,500 for the year. 5. Vacation pay for the year that had been earned by emplayees but not paid to them or recorded is $10,000. The company records vacation pay as salaries expense. 6. Microchip began the year with $4,000 in its asset account, supplies. During the year, $8,500 in supplies were purchased and debited to supplies. At year-end, supplies costing $4,250 remain on hand. Print Raterences Prepare the necessary adjusting entries for each of the above situations. Assume that no financial statements were prepared during the year and no adjusting entries were recorded. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet On October 1, 2021, Microchip lent $99,000 to another company. A note was signed with principal and 10% interest to be paid on September 30, 2022. Note: Enter debits before credits. Transaction General Journal Debit Credit Mc.

Answer 1

Transaction	General Journal	Debit	Credit
1	Interest Receivable	2,475.00
	Interest Income		2,475.00
2	Rent Expense	8,000.00
	Prepaid Rent		8,000.00
3	Deferred Rent Revenue	7,500.00
	Rent Revenue		7,500.00
4	Depreciation Expense	6,500.00
	Accumulated Depreciation		6,500.00
5	Salaries Expense	10,000.00
	Salaries Payable		10,000.00
6	Supplies Expense	8,250.00
	Supplies		8,250.00