Exercise 2-9 (Algo) Adjusting entries [LO2-6] The following transactions occurred for the Microchip Company. 1. On October 1, 2024, Microchip lent $82,000 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 landlord $6,900 representing rent for the months of November through January. Prepaid rent was debited at the time of payment. 3. On August 1, 2024, collected $12,900 in advance rent from another company that is renting a portion of Microchip's factory. The $12,900 represents one year's rent and the entire amount was credited to deferred rent revenue at the time cash was received. 4. Depreciation on office equipment is $4,800 for the year. 5. Vacation pay for the year that had been earned by employees but not paid to them or recorded is $8,300. The company records vacation pay as salaries expense. 6. Microchip began the year with $2,300 in its asset account, supplies. During the year, $6,800 in supplies were purchased and debited to supplies. At year-end, supplies costing $3,400 remain on hand. Required: Prepare the necessary adjusting entries at December 31, 2024 for each of the above situations. Assume that no financial statements were prepared during the year and no adjusting entries were recorded. Note: 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, 2024, Microchip lent $82,000 to another company. A note was signed with principal and 8% interest to be paid on September 30, 2025. Prepare the necessary adjusting entry on December 31, 2024. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit View general journal Record entry Clear entry > Exercise 2-9 (Algo) Adjusting entries [LO2-6] The following transactions occurred for the Microchip Company. 1. On October 1, 2024, Microchip lent $82,000 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 landlord $6,900 representing rent for the months of November through January. Prepaid rent was debited at the time of payment. 3. On August 1, 2024, collected $12,900 in advance rent from another company that is renting a portion of Microchip's factory. The $12,900 represents one year's rent and the entire amount was credited to deferred rent revenue at the time cash was received. 4. Depreciation on office equipment is $4,800 for the year. 5. Vacation pay for the year that had been earned by employees but not paid to them or recorded is $8,300. The company records vacation pay as salaries expense. 6. Microchip began the year with $2,300 in its asset account, supplies. During the year, $6,800 in supplies were purchased and debited to supplies. At year-end, supplies costing $3,400 remain on hand. Required: Prepare the necessary adjusting entries at December 31, 2024 for each of the above situations. Assume that no financial statements were prepared during the year and no adjusting entries were recorded. Note: 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 November 1, 2024, the company paid its landlord $6,900 representing rent for the months of November through January. Prepaid rent was debited at the time of payment. Prepare the necessary adjusting entry on December 31, 2024. Note: Enter debits before credits. Transaction 2 General Journal Debit Credit Record entry Clear entry View general journal Exercise 2-9 (Algo) Adjusting entries [LO2-6] The following transactions occurred for the Microchip Company. 1. On October 1, 2024, Microchip lent $82,000 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 landlord $6,900 representing rent for the months of November through January. Prepaid rent was debited at the time of payment. 3. On August 1, 2024, collected $12,900 in advance rent from another company that is renting a portion of Microchip's factory. The $12,900 represents one year's rent and the entire amount was credited to deferred rent revenue at the time cash was received. 4. Depreciation on office equipment is $4,800 for the year. 5. Vacation pay for the year that had been earned by employees but not paid to them or recorded is $8,300. The company records vacation pay as salaries expense. 6. Microchip began the year with $2,300 in its asset account, supplies. During the year, $6,800 in supplies were purchased and debited to supplies. At year-end, supplies costing $3,400 remain on hand. Required: Prepare the necessary adjusting entries at December 31, 2024 for each of the above situations. Assume that no financial statements were prepared during the year and no adjusting entries were recorded. Note: 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 August 1, 2024, collected $12,900 in advance rent for one year. Deferred rent revenue was credited for the entire amount. Prepare the necessary adjusting entry on December 31, 2024. Note: Enter debits before credits. Transaction 3 General Journal Debit Credit Record entry Clear entry View general journal > Exercise 2-9 (Algo) Adjusting entries [LO2-6] The following transactions occurred for the Microchip Company. 1. On October 1, 2024, Microchip lent $82,000 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 landlord $6,900 representing rent for the months of November through January. Prepaid rent was debited at the time of payment. 3. On August 1, 2024, collected $12,900 in advance rent from another company that is renting a portion of Microchip's factory. The $12,900 represents one year's rent and the entire amount was credited to deferred rent revenue at the time cash was received. 4. Depreciation on office equipment is $4,800 for the year. 5. Vacation pay for the year that had been earned by employees but not paid to them or recorded is $8,300. The company records vacation pay as salaries expense. 6. Microchip began the year with $2,300 in its asset account, supplies. During the year, $6,800 in supplies were purchased and debited to supplies. At year-end, supplies costing $3,400 remain on hand. Required: Prepare the necessary adjusting entries at December 31, 2024 for each of the above situations. Assume that no financial statements were prepared during the year and no adjusting entries were recorded. Note: 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 Depreciation on office equipment is $4,800 for the year. Prepare the necessary adjusting entry on December 31, 2024. Note: Enter debits before credits. Transaction 4 General Journal Debit Credit Record entry Clear entry View general journal Exercise 2-9 (Algo) Adjusting entries [LO2-6] The following transactions occurred for the Microchip Company. 1. On October 1, 2024, Microchip lent $82,000 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 landlord $6,900 representing rent for the months of November through January. Prepaid rent was debited at the time of payment. 3. On August 1, 2024, collected $12,900 in advance rent from another company that is renting a portion of Microchip's factory. The $12,900 represents one year's rent and the entire amount was credited to deferred rent revenue at the time cash was received. 4. Depreciation on office equipment is $4,800 for the year. 5. Vacation pay for the year that had been earned by employees but not paid to them or recorded is $8,300. The company records vacation pay as salaries expense. 6. Microchip began the year with $2,300 in its asset account, supplies. During the year, $6,800 in supplies were purchased and debited to supplies. At year-end, supplies costing $3,400 remain on hand. Required: Prepare the necessary adjusting entries at December 31, 2024 for each of the above situations. Assume that no financial statements were prepared during the year and no adjusting entries were recorded. Note: 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 Vacation pay for the year that had been earned by employees but not paid to them or recorded is $8,300. The company records vacation pay as salaries expense. Prepare the necessary adjusting entry on December 31, 2024. Note: Enter debits before credits. Transaction 5 General Journal Debit Credit View general journal Clear entry Record entry Exercise 2-9 (Algo) Adjusting entries [LO2-6] The following transactions occurred for the Microchip Company. 1. On October 1, 2024, Microchip lent $82,000 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 landlord $6,900 representing rent for the months of November through January. Prepaid rent was debited at the time of payment. 3. On August 1, 2024, collected $12,900 in advance rent from another company that is renting a portion of Microchip's factory. The $12,900 represents one year's rent and the entire amount was credited to deferred rent revenue at the time cash was received. 4. Depreciation on office equipment is $4,800 for the year. 5. Vacation pay for the year that had been earned by employees but not paid to them or recorded is $8,300. The company records vacation pay as salaries expense. 6. Microchip began the year with $2,300 in its asset account, supplies. During the year, $6,800 in supplies were purchased and debited to supplies. At year-end, supplies costing $3,400 remain on hand. Required: Prepare the necessary adjusting entries at December 31, 2024 for each of the above situations. Assume that no financial statements were prepared during the year and no adjusting entries were recorded. Note: 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 Microchip began the year with $2,300 in its asset account, supplies. During the year, $6,800 in supplies were purchased and debited to supplies. At year-end, supplies costing $3,400 remain on hand. Prepare the necessary adjusting entry on December 31, 2024. Note: Enter debits before credits. Transaction 6 General Journal Debit Credit Record entry Clear entry View general journal