The following transactions occurred for the Microchip Company.

1. On October 1, 2024, Microchip lent $90,000 to another company. A note was signed with principal and 6% interest to be paid on September 30, 2025.

2. On November 1, 2024, the company paid its landlord $9,300 representing rent for the months of November through January. Prepaid rent was debited at the time of payment.

3. On August 1, 2024, collected $15,300 in advance rent from another company that is renting a portion of Microchips factory. The $15,300 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 $5,600 for the year.

5. Vacation pay for the year that had been earned by employees but not paid to them or recorded is $9,100. The company records vacation pay as salaries expense.

6. Microchip began the year with $3,100 in its asset account, supplies. During the year, $7,600 in supplies were purchased and debited to supplies. At year-end, supplies costing $3,800 remain on hand.

1. On October 1, 2024, Microchip lent $90,000 to another company. A note was signed with principal and 6% interest to be paid on September 30, 2025. Prepare the necessary adjusting entry on December 31, 2024.

2.On October 1, 2024, Microchip lent $90,000 to another company. A note was signed with principal and 6% interest to be paid on September 30, 2025. Prepare the necessary adjusting entry on December 31, 2024.

3. On August 1, 2024, collected $15,300 in advance rent for one year. Deferred rent revenue was credited for the entire amount. Prepare the necessary adjusting entry on December 31, 2024.

4. Depreciation on office equipment is $5,600 for the year. Prepare the necessary adjusting entry on December 31, 2024.

5. Vacation pay for the year that had been earned by employees but not paid to them or recorded is $9,100. The company records vacation pay as salaries expense. Prepare the necessary adjusting entry on December 31, 2024.

6. Microchip began the year with $3,100 in its asset account, supplies. During the year, $7,600 in supplies were purchased and debited to supplies. At year-end, supplies costing $3,800 remain on hand. Prepare the necessary adjusting entry on December 31, 2024.