Prepare the necessary adjusting entries at December 31, 2018,for the Microchip Company for each of the following situations.Assume that no financial statements were prepared during the yearand no adjusting entries were recorded.

1.On October 1, 2018, Microchip lent $90,000 to another company.A note was signed with principal and 6% interest to be paid onSeptember 30, 2019.

2.On November 1, 2018, the company paid its landlord $9,300representing rent for the months of November through January.Prepaid rent was debited.

3.On August 1, 2018, collected $15,300 in advance rent fromanother company that is renting a portion of Microchip’s factory.The $15,300 represents one year’s rent and the entire amount wascredited to rent revenue.

4.Depreciation on office equipment is $5,600 for the year.

5.Vacation pay for the year that had been earned by employeesbut not paid to them or recorded is $9,100. The company recordsvacation 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 anddebited to supplies. At year-end, supplies costing $3,800 remain onhand.

Required: 2-a. If Microchip’s accountant employedreversing entries for prepaid expenses, prepare the originaltransactions creating the prepayments for only those entries thatwould be reversed.

2-b. If Microchip’s accountant employed reversingentries for prepaid expenses, prepare the adjusting entries at theend of 2018 for only those entries that would bereversed.

3. Prepare the appropriate reversing entries at thebeginning of 2019

If no entry is required for a transaction/event,select "No journal entry required" in the first account field, andi want to know why it is no journal entry required or required.detail please