The following transactions occurred during December 31, 2021, for the Microchip Company.

1. On October 1, 2021, Microchip lent $72,500 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 $2,200 representing rent for the months of November through January. Prepaid rent was debited.
3. On August 1, 2021, collected $4,400 in advance rent from another company that is renting a portion of Microchips factory. The $4,400 represents one years rent and the entire amount was credited to deferred rent revenue.
4. Depreciation on office equipment is $1,650 for the year.
5. Vacation pay for the year that had been earned by employees but not paid to them or recorded is $5,150. The company records vacation pay as salaries expense.
6. Microchip began the year with $1,050 in its asset account, supplies. During the year, $4,600 in supplies were purchased and debited to supplies. At year-end, supplies costing $2,300 remain on hand.

Required: 1. & 2. If Microchips accountant employed reversing entries for accruals, prepare the adjusting entries at the end of 2021 for only those entries that would be reversed. 3. Prepare the appropriate reversing entries at the beginning of 2022.

Complete this question by entering your answers in the tabs below. Reg 1 and 2 Reg 3 If Microchip's accountant employed reversing entries for accruals, prepare the adjusting entries at the end of 2021 for only those entries that would be reversed. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list View journal entry worksheet Transaction General Journal Debit Credit No 1 Interest receivable Req 1 and 2 Req3 > Journal entry worksheet