Refer to Exercise 2–9 and respond to the following requirements.

Required:
1. If Microchip's accountant employed reversing entries for accruals, which adjusting entries would she likely reverse at the beginning of the following year?
2. Prepare the adjusting entries at the end of 2011 for the adjustments you identified in requirement 1.
3. Prepare the appropriate reversing entries at the beginning of 2012.