1. On October 1, 2024, Microchip lent $105,000 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 $4,600 representing rent for the months of November through January. Prepaid rent was debited at the time of payment.
3. On August 1, 2024, collected $9,200 in advance rent from another company that is renting a portion of Microchips factory. The $9,200 represents one years rent and the entire amount was credited to deferred rent revenue at the time cash was received.
4. Depreciation on office equipment is $3,450 for the year.
5. Vacation pay for the year that had been earned by employees but not paid to them or recorded is $6,950. The company records vacation pay as a salary expense.
6. Microchip began the year with $1,650 in its asset account, supplies. During the year, $5,800 in supplies were purchased and debited to supplies. At year-end, supplies costing $2,900 remain on hand.

Required:

1. & 2. If Microchips 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