3 15 points elook Print References The following transactions occurred during December 31, 2021, for the Microchip Company. 1. On October 1, 2021, Microchip lent $120,000 to another company. A note was signed with principal and 8% interest to be paid on September 30, 2022. 2. On November 1, 2021, the company paid its landlord $5,800 representing rent for the months of November through January. Prepaid rent was debited. 3. On August 1, 2021, collected $11,600 in advance rent from another company that is renting a portion of Microchip's factory. The $11,600 represents one year's rent and the entire amount was credited to deferred rent revenue. 4. Depreciation on office equipment is $4.350 for the year. 5. Vacation pay for the year that had been earned by employees but not paid to them or recorded is $7,850. The company records vacation pay as salaries expense. 6. Microchip began the year with $1.950 in its asset account, supplies. During the year, $6,400 in supplies were purchased and debited to supplies. At year-end, supplies costing $3,200 remain on hand. Required: 1. & 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. 3. Prepare the appropriate reversing entries at the beginning of 2022. Complete this question by entering your answers in the tabs below. Req 1 and 2 Req3 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. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Complete this question by entering your answers in the tabs below. Req 1 and 2 Req 3 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. (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 1 2 3 4 5 6 On October 1, 2021, Microchip lent $120,000 to another company. Principal and 8% interest are to be paid on September 30, 2022. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit