Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

4 Required information The following information applies to the questions displayed below] Riverside Company completed the following two transactions. The annual accounting period ends December

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
4 Required information The following information applies to the questions displayed below] Riverside Company completed the following two transactions. The annual accounting period ends December 31 art 1 of 2 14 oints a. On December 31, calculated d the payrol, which indicates gross earnings for wages ($175,000), payroll deductions for income tax ($17,500), payroll deductions for FICA ($19,000), payroll deductions for United Way ($3,800), employer contributions for FICA (matching), and state and federal unemployment taxes ($2.200). Employees were Skipped paid in cash, se payments and the corresponding payroll deductions and employer taxes have not yet been recorded ollected rent revenue of $4,680 on December 10 for office space that Riverside 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. eBook Priet Required: 1.&2. Complete the required journal entries to record payroll on December 31, collection of rent on December 10 and the adjusting journal entry on December 31. TIP: Notice that the entry recorded on December RO includes 10 days of rental space (out of 30) that isn't provided until after December 31. (Do not round intermediate calculations. 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 Prex 4 5 of 14 Next > 4 0 Required information Part 1 of 2 Journal entry worksheet 714 points Skipped Record the wages expense, including payroll deductions. Book Print References Note: Enter debits before credits Debit Credit December 31 Record entry Clear entry View general journal Prex 4 5 of 14Next > 0 Required information Part 1 of 2 Journal entry worksheet 714 points Skipped Record the payroll tax expense. eBook Note: Enter debits before credits Clear entry View general journal Required information Part 1 of 2 Journal entry worksheet 714 points Skipped Record the collection of 30 days rent in advance amounting to $4,680 eBook Note: Enter debits before credits. Debit Credit December 10 Record entry Clear entry View general journal Required information Part 1 of 2 Journal entry worksheet 714 points SkopeRecord the adjusting entry relating to rent. eBook Note: Enter debits before credits. Debit Credit December 31 Record entry Clear entry View general journal Prex 4S of 14 Next>

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Accounting questions

Question

What is human nature?

Answered: 1 week ago