10:34 PM on com During 2013, Lakeview Company completed the following two transa

Question

10:34 PM on com During 2013, Lakeview Company completed the following two transactions. The annual accounting period ends December 31. a. On December 31, 2013, calculated the payroll, which indicates gross earnings for wages ($80.000) payroll deductions for income tax ($8,000), payroll deductions for FICA ($6,000), payroll deductions for American Cancer Society ($3,000), employer contributions for FICA (matching), state unemployment taxes ($500), and federal unemployment taxes ($100). Employees were paid in cash, but payments for the corresponding payroll deductions have not yet been made and employer taxes have not yet been recordecd Collected rent revenue of $6,000 on December 10, 2013, for office space that Lakeview rented to another business. The rent collected was for 30 days from December 11, 2013, to January 10, 2014, and was credited in full to Unearned Rent Revenue. b. Required: 1., 2-a. Complete the required journal entries to record payroll n December 31, 2013, collection of rent & on December 10, 2013, and adjusting journal entry on December 31, 2013. (If no entry is 2-b. required for a transaction/event, select "No Journal Entry Required" in the first account field.) view transaction list view general journal Journal Entry Worksheet Record the wages expense, including payroll deductions. Date December 31, 2013 General Journal Debit Credit

Explanation / Answer

a.

b.

Debit Credit Wages Expenses 80000           To FICA tax Withheld (employee) 6000           To Income tax withheld 8000           To American cancer Society 3000           To Cash 63000 (to record payroll paid in cash) Payroll tax expenses 6600        To FICA tax Withheld (Employer match) 6000         To Federal Unemployment tax 500         To State unemployment tax 100 (To record Accrued payroll taxes)

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