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1, on October 1, 2018, Microchip lent $94,000 to another company. A note was signed with principal and 10% interest to be 2. On November
1, on October 1, 2018, Microchip lent $94,000 to another company. A note was signed with principal and 10% interest to be 2. On November 1, 2018, the company paid its landlord $10,500 representing rent for the months of November through On August 1, 2018, collected $16,500 in advance rent from another company that is renting a portion of Microchip's factory. 4. Depreciation on office equipment is $6,000 for the year paid on September 30, 2019. January. Prepaid rent was debited The $16,500 represents one year's rent and the entire amount was credited to rent revenue. 5. Vacation pay for the year that had been earned by employees but not paid to them or recorded is $9,500. The company records vacation pay as salaries expense. 6. Microchip began the year with $3,500 in its asset account, supplies. During the year, $8,000 in supplies were purchased and debited to supplies. At year-end, supplies costing $4,000 remain on hand
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