PA10-3 Recording and Reporting Current Liabilities [LO 10-2] 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 ($48,000). payroll deductions for income tax ($4,800), payroll deductions for FICA ($3,600), payroll deductions for American Cancer Society ($1,800), employer contributions for FICA (matching), and state and federal unemployment taxes ($420). 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 $5,400 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 adjustingjournal entry esi 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 Complete this question by entering your answers in the tabs below. Req 1 and 2 Req 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.) View transaction list View journal entry worksheet Credit No Date General Journal Debit Salaries and Wages Expense 48,000 1 Dec 31 4,800 Withheld Income Taxes Payable FICA Payable 3,600 Chartable Contributions Payable 1,800 37,800 Cash Payroll Tax Expense FICA Payable 4,020 2 Dec 31 3,600 State and Federal Unemployment Taxes Payable 420 5,400 Cash 3 Dec 10 5,400 Rent Revenue Rent Revenue Rent Revenue 4 Dec 31 KR nd Req 3 Required: 1. & 2. Prepare the journal entries to record payroll on December 31, the collection of rent on December 10 and adjusting journ on December 31 3. Show how any df the liabilities related to these items should be reported on the company's balance sheet at December ints Complete this question by entering your answers in the tabs below. eBook Req 1 and 2 Req 3 Print Show how any of the liabilities related to these items should be reported on the company's balance sheet at December 31. (Do not round intermediate calculations.) LAKEVIEW COMPANY References Balance Sheet (partial) At December 31 Current Liabilities Income Tax Payable FICA Payable Charitable Contributions Payable State and Federal Unemployment Taxes Payable Deferred Revenue S Req 3 Req 1 and 2 00