The following transactions occurred for the Microchip Company. On October 1, 2021, Microchip lent $80,000...
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The following transactions occurred for the Microchip Company. On October 1, 2021, Microchip lent $80,000 to another company. A note was signed with principal and 6% interest to be paid on September 30, 2022. On November 1, 2021, the company paid its landlord $6,300 representing rent for the months of November through January. Prepaid rent was debited. On August 1, 2021, collected $12,300 in advance rent from another company that is renting a portion of Microchips factory. The $12,300 represents one years rent and the entire amount was credited to deferred rent revenue. Depreciation on office equipment is $4,600 for the year. Vacation pay for the year that had been earned by employees but not paid to them or recorded
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