Sandler 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 ($260,000). payroll deductions for income tax b. Collected rent revenue of $1.500 on December 10 for office space that Sandler rented to another business. The rent collected was ($28,000), payroll deductions for FICA ($20,000), payroll deductions for United Way ($4,000), employer contributions for FICA and state and federal unemployment taxes ($2.000), Employees were pald in cash, but payments for the corresponding (matching), payroll deductions have not been made and employer taxes have not yet been recorded for 30 days from December 12 to January 10 and was credited in full to Deferred Revenue. Required re the entries required on December 31 to record payrol, the collection of rent on December 10 and adjusting journal 1.& 2. Prepar entry on December 31 3. Show how any liabilities related to these items should be reported on the company's balance sheet at December 31 Prepare the entries required on December 31 to record payroll, the collection of rent on December 10 and 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.) View transaction list Journal entry worksheet 2 3 Record the wages expense, including payroll deductions. Note: Enter debits before credits Date General Journal Debit Credit December 31 i Prepare the entries required on December 31 to record payroll, the collection of rent on December 10 and 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.) View transaction list Journal entry worksheet 2 Record the payroll tax expense. Note: Enter debits before credits. Date General Journal Credit Debit December 31 the entries required on December 31 to record payroll, the collection of rent on December 10 and adjusting journal entry 31. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the collection of 30 days' rent in advance amounting to $1,500. Note: Enter debits before credits. Credit Debit General Journal Date December 10 Prepare the entries required on December 31 to record payroll, the collection of rent on December 10 and 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.) View transaction list Journal entry worksheet 2 3 Record the adjusting entry relating to rent. Note: Enter debits before credits. DebitCredit General Journal Date December 31
