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E2-9 Prepare the necesaary adjusting entries at December 31,2023 , for the Microchip Company for each of the following situations. Assume that no finsheial statements were prepared during the yeaf and no adjustang entries were recorded 1. On October 1, 2023, Microchip lent 590,000 to another company. A note was signed with princigal and 8 \% interest to be patit on Scptcinber30,2024 2. On November 1,2023 , the company paid its landlord $6,000 representing rent for the months of Wovember through January, Prepard rent was debited. 3. On August 1, 2023, colleeted $12,000 in advance rent from another corppany that is renting a portion of Microchip's factory. The $12,0.0 represents one year's rent and the entire amount was credited to rent revenue 4. Depreciation on offiee equipment is 54,500 for the year. 5. Vacation pay for the year that had becn carned by employees but not paid to them or recorded is 58,000 . The company records vacation pay as salarics expense. 6. Microclsip began the year wath $2,000 in its asset accotnt, supplies. During the year, 56,500 in supplics were purchased and debated to supplies. At year-end, supplies costing $3,250 remain on hand. E2-12 The December 31, 2023, adjusted trial balance for Blueboy Cheese is presented below. 1. Is Blueboy Cheese a sole proprietorship, partnership or corporation? How do you know? 2. Is Blueboy Cheese a service business or a merchandising business? How do you know? 3. Prepare the necessary closing entries at December 31, 2023

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