1 answer

The following transactions occurred during December 31, 2021, for the Microchip Company 1. On October 1,...

Question:


The following transactions occurred during December 31, 2021, for the Microchip Company 1. On October 1, 2021, Microchip lent
Reg 1 and 2 Reg 3 If Microchips accountant employed reversing entries for accruals, prepare the adjusting entries at the end
Req 1 and 2 Reg 3 Prepare the appropriate reversing entries at the beginning of 2022. (If no entry is required for a transact
The following transactions occurred during December 31, 2021, for the Microchip Company 1. On October 1, 2021, Microchip lent $110,000 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 $5,000 representing rent for the months of November through January. Prepaid rent was debited. 3. On August 1, 2021, collected $10,000 in advance rent from another company that is renting a portion of Microchip's factory. The $10,000 represents one year's rent and the entire amount was credited to deferred rent revenue. 4. Depreciation on office equipment is $3,750 for the year. 5. Vacation pay for the year that had been earned by employees but not paid to them or recorded is $7.250. The company records 6. Microchip began the year with $1,750 in its asset account, supplies. During the year, $6,000 in supplies were purchased and debited to supplies. At year-end, supplies costing $3,000 remain on hand. Required: 1. & 2. 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. 3. Prepare the appropriate reversing entries at the beginning of 2022.
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 ® No Transaction General Journal Debit Credit 1 1 Interest receivable Interest revenue 2,200 2,200 2 2 2 No Transaction Recorded 3 3 No Transaction Recorded 4 4 No Transaction Recorded (Reg 1 and 2 Req3 >
Req 1 and 2 Reg 3 Prepare the appropriate reversing entries at the beginning of 2022. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) No Transaction Debit Credit General Journal No Transaction Recorded 1 1 2 2 No Transaction Recorded 3 3 No Transaction Recorded 4 4 No Transaction Recorded 5 5 No Transaction Recorded < Req 1 and 2 Req3 >

Answers

Debit $2,200 Credit ($110,000 * 8% * 3/12) $2,200 $7,250 $7,250 1 Req. 1 & 2 Adjusting Journal entries at the end of 2021 for

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