Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

can i please get help with this its due in 12 hours The following transactions occurred during December 31,2024, for the Microchip Company. 1. On

can i please get help with this its due in 12 hours
image text in transcribed
The following transactions occurred during December 31,2024, for the Microchip Company. 1. On October 1, 2024, Microchip lent \$102,500 to another company. A note was signed with principal and 8% interest to be paid on September 30, 2025. 2. On November 1,2024 , the company paid its landiord $4,400 representing rent for the months of November through January. Prepaid rent was debited at the time of payment. 3. On August 1,2024, collected $8,800 in advance rent from another company that is renting a portion of Microchip's factory. The $8,800 represents one year's tent and the entire amount was credited to deferred rent revenue at the time cash was recelved. 4. Depreciation on office equipment is $3,300 for the year. 5. Vacaton pay for the year that had been earned by employees but not paid to them or recorded is $6,800. The company records vacation pay as salaries expense. 6. Microchip began the year with $1,600 in its asset occount, supplies. During the year, $5,700 in supplies were purchased and debited to supplies. At year-end, supplies costing \$2,850 remain on hand. Required: 1. \& 2. If Microchip's accountant employed reversing entries for accruals, prepare the adjusting entries at the end of 2024 for only those entries that would be reversed. 3. Prepare the appropriate reversing entries at the beginning of 2025

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Healthcare Fraud Auditing And Detection Guide

Authors: Rebecca S. Busch

2nd Edition

978-1118179802

More Books

Students also viewed these Accounting questions

Question

Can workers be trained in ethics? How? Defend your answer.

Answered: 1 week ago