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Lakeview Company completed the following two transactions. The annual accounting period ends December 31. a. On December 31, clculated the payroll, which indicates gross earnings

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Lakeview Company completed the following two transactions. The annual accounting period ends December 31. a. On December 31, clculated the payroll, which indicates gross earnings for wages ($56,000), payroll deductions for income tax (55,600), payroll deductions for FICA ($4.200). payroll deductions for American Cancer Society ($2,100), employer contributions for FICA (matching), and state and federal unemployment taxes ($490). Employees were paid in cash, but payments for the corresponding payroll deductions have not yet been made and employer taxes have not yet been recorded. b. Collected rent revenue of $5,550 on December 10 for office space that Lakeview rented to another business. The rent collected was for 30 days from December 12 to January 10 and was credited in full to Deferred Revenue. Required: 1. & 2. Prepare the journal entries to record payroll on December 31. the collection of rent on December 10 and adjusting journal entry on December 31 3. Show how any of the liabilities related to these items should be reported on the company's balance sheet at December 31 Answer is not complete. Complete this question by entering your answers in the tabs below. Reg 1 and 2 Reg 3 Show how any of the abilities related to these Items should be reported on the company's balance sheet at December 31. (Do not round intermediate calculations.) LAKEVIEW COMPANY Balance Sheet (partia Al December 31 Current Liabilities State and Fadellnamnament Tax Pavahi 490 Complete this question by entering your answers in the tabs below. Req 1 and 2 Req3 Prepare the journal entries to record payroll on December 31, the collection of rent on December 10 and adjusti entry on December 31. (Do not round intermediate calculations. If no entry is required for a transaction/event, Journal Entry Required" in the first account field.) No Date Credit Debit 56,000 1 Dec 31 General Journal Salaries and Wages Expense Income Tax Payable FICA Payable State and Federal Unemployment Taxes Payable X 5,600 4,200 2,100 44,100 Cash 2 Dec 31 4,690 > Payroll Tax Expense FICA Payable State and Federal Unemployment Taxes Payable 4,200 490 3 Dec 10 Cash 5,550 Deferred Revenue 5,550 4 Dec 31 Deferred Revenue 5,550 Cash 5,550 Il 2 Req3 > Answer is not complete. Complete this question by entering your answers in the tabs below. Req 1 and 2 Req3 Show how any of the liabilities related to these items should be reported on the company 31. (Do not round intermediate calculations.) LAKEVIEW COMPANY Balance Sheet (partial) At December 31 490 Current Liabilities State and Federal Unemployment Taxes Payable FICA Payable Withheld Income Taxes Payable Deferred Revenue 4,200 5,600 5,550 X $ 15,840

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