Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Lakeview Company completed the following two transactions. The annual accounting period ends December 31 a. On December 31, calculated the payroll, which indicates gross earnings for wages ($68,000), payroll deductions for income tax ($6.800), payroll deductions for FICA ($5,100), payroll deductions for American Cancer Society ($2,550). employer contributions for FICA (matching, and state and federal unemployment taxes ($595). 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 $5.775 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 abilities 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. Reg 1 and 2 Reg 3 Prepare the journal entries to record payroll on December 31, the collection of rent on December 10 and adjusting journal entry on 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.) Complete this question by entering your answers in the tabs below. Req 1 and 2 Reg 3 Prepare the journal entries to record payroll on December 31, the collection of rent on Decembe December 31. (Do not round intermediate calculations. If no entry is required for a transaction/ in the first account field.) View transaction fist Journal entry worksheet

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

Students also viewed these Accounting questions