The following transactions occurred during December 31.2016, for the Microchip Company On October 1, 2016, Microchip lent $90,000 to another company A note was Signed with principal and 8% interest to be paid on September 30, 2017. On November 1, 2016, the company paid its landlord $6,000 representing rent for the months of November through January'Prepaid rent was deterred 3 On August 1 2016. affected $12,000 m advance rent from another company that is renting a portion of Microchip's factory The $12,000 represents one year's rent and the entire amount was credited to rent revenue Depreciation on office equipment is $4, 500 for the year. Vacation pay for the year that had been earned by employees but not paid to them or recorded is $8,000 the company records vacation pay as salaries expense. Microchip began the year with $2,000 in its asset account, supplies. During the year, $6, 500 in supplies were purchases and debited to supplies. At year-end, supplies costing $3, 250 remain on hand