e 2-9 adjusting entries

.LO2-5 1. A three-year fire insurance policy was purchased on July 1, 2018, tor 12 . The company UCUN ance expense for the entire amount 2. Depreciation on equipment totaled $15.000 for the year. 3. Employee salaries of $18,000 for the month of December will be paid in early January 2019. + On Novembe: 1. 2018, the company borrowed $200,000 from a bank. The note requires principal and interest at 12% to be paid on April 30, 2019. 5. On December 1, 2018, the company received $3,000 in cash from another company that is renting office Space in Falwell's building. The payment, representing rent for December and January, was credited to deferred rent revenue. E2-9 Adjusting LO2-5 Prepare the necessary adjusting entries at December 31, 2018, for the Microchip Company for each of the following Situations. Assume that no financial statements were prepared during the year and no adjusting entries were recorded. 1. On October 1, 2018. Microchip lent $90,000 to another company. A note was signed with principal and 8% interest to be paid on September 30, 2019. 2. On November 1, 2018, the company paid its landlord $6,000 representing rent for the months of November through January, Prepaid rent was debited. 3. On August 1, 2018, collected $12,000 in advance rent from another company that is renting a portion of Microchip's factory. The $12.000 represents one year's rent and the entire amount was credited to rent revenue. 4. Depreciation on office equipment is $4,500 for the year. 5. Vacation pay for the year that had been earned by employees but not paid to them or recorded is $8,000. The company records vacation pay as salaries expense. 6. Microchip began the year with $2,000 in its asset account, supplies. During the year, $6,500 in supplies were purchased and debited to supplies. At year-end, supplies costing $3,250 remain on hand. E 2-10 The Fiderado Corneration's controller prenares adiusting entries only at the end of the fiseal vear The following