Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Lakevew Company completed the following two transactions. The annusi accounting period ends December 3 1 a . On December 3 1 , calculated the payroll,
Lakevew Company completed the following two transactions. The annusi accounting period ends December
a On December calculated the payroll, which indicates gross eamings for wages $ payroll deductions for income tax payroll deductions for FICA. $ payroll deductions for Amentan Cancer Soclety $ employer contributions for FICA matchingl and state and federal unempioyment taxes $ Employees were paid in cash, but payments for the carresponding payroll deductions have not yet been made and employer taxes have not yet been recorded
b Collected rent revenue of $ on December for office space that Lakevew rented to another business. The rent collected was for days from December to Jariuary and was credited in full to Deferred Revenue.
Required:
& Prepare the joumal entres to record payroll on December the collection of rent on Decamber and adjustingjournal entry on December
Show how any of the llabintes related to theseltems should be reponted on the company's balance sheet at December
Complete this question by entering your answers in the tabs below.
Req and
Rrepare the joumbl entrles to racord psypall on Qacembar the collation of rent on December and adjusting joumal entry on December Do nat round intarmediate calculations. If no entry is requiked for a transactionevent select No Journal Entry Required in the first accourit field.
Journal entry worksheet
Record the wages expense, including payroll deductions.
Note: Enterdebits before credits,
tableDrteGeneral Journal,Debit,CreditDecember
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