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o Question 18 (of 21 Save &Exit Submit CP10-3 Recording and Reporting Current Liabilities [LO 10-2] The following information applies to the questions displayed below.
o Question 18 (of 21 Save &Exit Submit CP10-3 Recording and Reporting Current Liabilities [LO 10-2] The following information applies to the questions displayed below. Riverside 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 ($245,000), payroll deductions for income tax ($24,500), payroll deductions for FICA ($33,000). payroll deductions for United Way ($6,600), employer contributions for FICA (matching), and state and federal unemployment taxes ($3,600). Employees were paid in cash, but these payments and the corresponding payroll deductions and employer taxes have not yet been recorded. b. Collected rent revenue of $6,360 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 Unearned Rent Revenue References Section Break CP10-3 Recording and Reporting Current Liabilities (LO 10-2) value: 0.52 points Required information CP10-3 Parts 1 & 2 December 10 and the 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.) TIP: Notice that the revenue recorded on December 10 includes revenue for 10 days (out of 30) that isn't earned until after December 31 View transaction list Journal entry worksheet 4 Record the wages expense, including payroll deductions Note: Enter debits before credits. Date General Journal Debit Credit December 31 Salaries and Wages Expense 245,000 Withheld Income Taxes Payable FICA Payable Charitable Contributions Payable 24,500 33,000 6,600 Record entry Clear entry View general journal o Question 18 (of 21 Save &Exit Submit CP10-3 Recording and Reporting Current Liabilities [LO 10-2] The following information applies to the questions displayed below. Riverside 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 ($245,000), payroll deductions for income tax ($24,500), payroll deductions for FICA ($33,000). payroll deductions for United Way ($6,600), employer contributions for FICA (matching), and state and federal unemployment taxes ($3,600). Employees were paid in cash, but these payments and the corresponding payroll deductions and employer taxes have not yet been recorded. b. Collected rent revenue of $6,360 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 Unearned Rent Revenue References Section Break CP10-3 Recording and Reporting Current Liabilities (LO 10-2) value: 0.52 points Required information CP10-3 Parts 1 & 2 December 10 and the 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.) TIP: Notice that the revenue recorded on December 10 includes revenue for 10 days (out of 30) that isn't earned until after December 31 View transaction list Journal entry worksheet 4 Record the wages expense, including payroll deductions Note: Enter debits before credits. Date General Journal Debit Credit December 31 Salaries and Wages Expense 245,000 Withheld Income Taxes Payable FICA Payable Charitable Contributions Payable 24,500 33,000 6,600 Record entry Clear entry View general journal
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