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es 1. On October 1, 2024, Microchip lent $98,000 to another company. A note was signed with principal and 9% inte September 30, 2025. 2. On November 1, 2024, the company paid its landlord $11,700 representing rent for the months of November the Prepaid rent was debited at the time of payment. 3. On August 1, 2024, collected $17,700 in advance rent from another company that is renting a portion of Microch $17,700 represents one year's rent and the entire amount was credited to deferred rent revenue at the time cas 4. Depreciation on office equipment is $6,400 for the year. 5. Vacation pay for the year that had been earned by employees but not paid to them or recorded is $9,900. The vacation pay as salaries expense. 6. Microchip began the year with $3,900 in its asset account, supplies. During the year, $8,400 in supplies were p debited to supplies. At year-end, supplies costing $4,200 remain on hand. Required: Prepare the necessary adjusting entries at December 31, 2024 for each of the above situations. Assume that no fi were prepared during the year and no adjusting entries were recorded. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field View transaction list Journal entry worksheet 1 2 3 Transaction 1 Note: Enter debits before credits. 4 5 On October 1, 2024, Microchip lent $98,000 to another company. A note was signed with principal and 9% interest to be paid on September 30, 2025. Prepare the necessary adjusting entry on December 31, 2024. 6 General Journal Debit Credit

es 1. On October 1, 2024, Microchip lent $98,000 to another company. A note was signed with principal and 9% inte September 30, 2025. 2. On November 1, 2024, the company paid its landlord $11,700 representing rent for the months of November the Prepaid rent was debited at the time of payment. 3. On August 1, 2024, collected $17,700 in advance rent from another company that is renting a portion of Microch $17,700 represents one year's rent and the entire amount was credited to deferred rent revenue at the time cas 4. Depreciation on office equipment is $6,400 for the year. 5. Vacation pay for the year that had been earned by employees but not paid to them or recorded is $9,900. The vacation pay as salaries expense. 6. Microchip began the year with $3,900 in its asset account, supplies. During the year, $8,400 in supplies were p debited to supplies. At year-end, supplies costing $4,200 remain on hand. Required: Prepare the necessary adjusting entries at December 31, 2024 for each of the above situations. Assume that no fi were prepared during the year and no adjusting entries were recorded. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field View transaction list Journal entry worksheet 1 2 3 Transaction 1 Note: Enter debits before credits. 4 5 On October 1, 2024, Microchip lent $98,000 to another company. A note was signed with principal and 9% interest to be paid on September 30, 2025. Prepare the necessary adjusting entry on December 31, 2024. 6 General Journal Debit Credit

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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K ces 1. On October 1, 2024, Microchip lent $98,000 to another company. A note was signed with principal and 9% interest to be paid on September 30, 2025. 2. On November 1, 2024, the company paid its landlord $11,700 representing rent for the months of November through January. Prepaid rent was debited at the time of payment. 3. On August 1, 2024, collected $17,700 in advance rent from another company that is renting a portion of Microchip's factory. The $17,700 represents one year's rent and the entire amount was credited to deferred rent revenue at the time cash was received. 4. Depreciation on office equipment is $6,400 for the year. 5. Vacation pay for the year that had been earned by employees but not paid to them or recorded is $9,900. The company records vacation pay as salaries expense. 6. Microchip began the year with $3,900 in its asset account, supplies. During the year, $8,400 in supplies were purchased and debited to supplies. At year-end, supplies costing $4,200 remain on hand. Required: Prepare the necessary adjusting entries at December 31, 2024 for each of the above situations. Assume that no financial statements were prepared during the year and no adjusting entries were recorded. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet 1 2 3 Transaction 1 Note: Enter debits before credits. 4 5 On October 1, 2024, Microchip lent $98,000 to another company. A note was signed with principal and 9% interest to be paid on September 30, 2025. Prepare the necessary adjusting entry on December 31, 2024. 6 General Journal Debit Credit
Transcribed Image Text:K ces 1. On October 1, 2024, Microchip lent $98,000 to another company. A note was signed with principal and 9% interest to be paid on September 30, 2025. 2. On November 1, 2024, the company paid its landlord $11,700 representing rent for the months of November through January. Prepaid rent was debited at the time of payment. 3. On August 1, 2024, collected $17,700 in advance rent from another company that is renting a portion of Microchip's factory. The $17,700 represents one year's rent and the entire amount was credited to deferred rent revenue at the time cash was received. 4. Depreciation on office equipment is $6,400 for the year. 5. Vacation pay for the year that had been earned by employees but not paid to them or recorded is $9,900. The company records vacation pay as salaries expense. 6. Microchip began the year with $3,900 in its asset account, supplies. During the year, $8,400 in supplies were purchased and debited to supplies. At year-end, supplies costing $4,200 remain on hand. Required: Prepare the necessary adjusting entries at December 31, 2024 for each of the above situations. Assume that no financial statements were prepared during the year and no adjusting entries were recorded. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet 1 2 3 Transaction 1 Note: Enter debits before credits. 4 5 On October 1, 2024, Microchip lent $98,000 to another company. A note was signed with principal and 9% interest to be paid on September 30, 2025. Prepare the necessary adjusting entry on December 31, 2024. 6 General Journal Debit Credit
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