Sandler Company completed the following two transactions. The annual accounting period ends December 31.

On December 31, calculated the payroll, which indicates gross earnings for wages ($330,000),

payroll deductions for income tax ($35,000),

payroll deductions for FICA ($27,000),

payroll deductions for United Way ($4,700), (United Way is not an option to pick so I'm not sure what it is.)

employer contributions for FICA (matching),

and state and federal unemployment taxes ($2,700). Employees were paid in cash, but payments for the corresponding payroll deductions have not been made and employer taxes have not yet been recorded.

then,

Collected rent revenue of $1,710 on December 10 for office space that Sandler 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 entries required on December 31 to record payroll, the collection of rent on December 10 and adjusting journal entry on December 31.

3. Show how any liabilities related to these items should be reported on the companys balance sheet at December 31.

No Date General Journal Debit Credit 1 December 31 Salaries and Wages Expense 330,000 35,000 27,000 4,700 FICA Payable 2 December 31 3 December 10 4 4 December 31 Show how any liabilities related to these items should be reported on the company's balance sheet at December 31. (Do not round intermediate calculations) SANDLER COMPANY Balance Sheet (partial)