Answered step by step
Verified Expert Solution
Question
1 Approved Answer
15 9 PB10-3 (Algo) Recording and Reporting Current Liabilities [LO 10-2] Sandler Company completed the following two transactions. The annual accounting period ends December
15 9 PB10-3 (Algo) Recording and Reporting Current Liabilities [LO 10-2] Sandler Company completed the following two transactions. The annual accounting period ends December 31. points eBook a. On December 31, calculated the payroll, which indicates gross earnings for wages ($360,000), payroll deductions for income tax ($38,000), payroll deductions for FICA ($30,000), payroll deductions for United Way ($5,000), employer contributions for FICA (matching), and state and federal unemployment taxes ($3,000). Employees were paid in cash, but payments for the corresponding payroll deductions have not been made and employer taxes have not yet been recorded. b. Collected rent revenue of $1,800 on December 10 for office space that Sandler rented to another business. The rent collected was for 30 days from December 11 to January 10 and was credited in full to Deferred Revenue. Print Required: 1. & 2. Prepare the entries required on December 31 to record payroll, the collection of rent on December 10 and adjusting journal entry on December 31. 3. Show how any liabilities related to these items should be reported on the company's balance sheet at December 31. Complete this question by entering your answers in the tabs below. Req 1 and 2 Req 3 Prepare the entries required on December 31 to record payroll, the collection of rent on December 10 and adjusting journal entry on December 31. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 4 Record the wages expense, including payroll deductions. Note: Enter dabits before cred Date December 31 General Journal Debit Credit Record entry Clear entry View general journal Req 1 and 2 Req 3 >
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started