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i got the number for deferred rent and rent revenue wrong as shown in picture. what is the correct answer? The following transactions occurred during
i got the number for deferred rent and rent revenue wrong as shown in picture. what is the correct answer? The following transactions occurred during December 31, 2021, for the Microchip Company 1. On October 1, 2021, Microchip lent $83,000 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 $7,200 representing rent for the months of November through January Prepaid rent was debited. 3. On August 1, 2021, collected $13,200 in advance rent from another company that is renting a portion of Microchip's factory. The $13,200 represents one year's rent and the entire amount was credited to deferred rent revenue. 4. Depreciation on office equipment is $4,900 for the year. 5. Vacation pay for the year that had been earned by employees but not paid to them or recorded is $8,400. The company records vacation pay as salaries expense. 6. Microchip began the year with $2,400 in its asset account, supplies. During the year. $6.900 in supplies were purchased and debited to supplies. At year-end, supplies costing $3,450 remain on hand. Prepare the necessary adjusting entries 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.) Answer is compl lete but not entirely correct. No Transaction Journal Credit Debit 1,660 Interest receivable Interest revenue 1,660 4,800 Rent expense Prepaid rent 4,800 Deferred rent revenue Rent revenue 13,200 13,200 4,900 Depreciation expense Accumulated depreciation 4,900 8,400 Salaries expense Salaries payable 8,400 5,850 Supplies expense Supplies 5,850
i got the number for deferred rent and rent revenue wrong as shown in picture. what is the correct answer?
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