Exercise 2-9 (Algo) Adjusting entries [LO2-6] The following transactions occurred for the Microchip Company. 1. On October 1, 2021, Microchip lent $84,000 to another company. A note was signed with principal and 10% interest to be paid September 30, 2022 2. On November 1, 2021, the company paid its landlord $7,500 representing rent for the months of November through January Prepaid rent was debited. 3. On August 1, 2021, collected $13,500 in advance rent from another company that is renting a portion of Microchip's factory. The $13,500 represents one year's rent and the entire amount was credited to deferred rent revenue. 4. Depreciation on office equipment is $5,000 for the year. 5. Vacation pay for the year that had been earned by employees but not paid to them or recorded is $8,500. The company record vacation pay as salaries expense. 6. Microchip began the year with $2,500 in its asset account, supplies. During the year, $7,000 in supplies were purchased and debited to supplies. At year-end, supplies costing $3,500 remain on hand Prepare the necessary adjusting entries at December 31, 2021 for each of the above situations. Assume that no financial statements were prepared during the year and no adjusting entries were recorded. (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 2 3 4 5 6 On October 1, 2021, Microchip lent $84,000 to another company. A note was signed with principal and 10% interest to be paid on September 30, 2022. Note: Enter debits before credits. Transaction General Journal Debit Credit