1. On August 1, 2016, collected $12,900 in advance rent from another company that is renting a portion of Microships Factory. The $12,900 represents one year's rent and the entire amount was credited to rent revenue.
2. Mircochip began the year with $2,300 in its assest account, supplies. During the year $6,800 is supplies were purchased and debited to supplies. At year-end, supplies costing $3,400 remain on hand