Sandiar Compaany commpibad the tollowing two transactions. The unting pariad ond

Question

Sandiar Compaany commpibad the tollowing two transactions. The unting pariad ondsDmbor a. On Decamber 31, calculated the payol which indicates gross samings for g(5290,000, panoll doductions for incoma tax (531 ,0001 payrol doductions for FICA (23,000% payrall doductions for (52,300. Emplayass wane paid in cash, but paymants for the comesponding payroll dad uctions bColactod ant novanua o $1,580 on Dacember 10 for offico space that Sandlar nentod to anothar have not boon macie and amployer txes have not yet boon racod business. The ant collectod was for 30 days from Decomber 11 to January 10 and was croditod in tul to Unaamod Revonue. Required: 1 &2 Compiate the noquined joumal antries or the above transactions as shown balow Propan the joumal entry for the collaction af rent onDcmber 10 Propane the antries oquirad an Decomber 31 to ecard payroll Propane the adjusting joumal antry on Dcaombor 31 no entry Ic required for&trancsotonevent;, calet "No Joumal Entry Required" In he firet aooount field.) Journal entry worksheet Record the wages expense, indluding payroll deductions. Nota: Entin debits befor Date &Show; howw any brlated to theso itams shauld ba reportad on tha company's balance shoot at Dcomber 31 Do notround Intemeclate oaloulstions.) BANDLER COMPANY Balanos 8heet (partel) At December 31

Explanation / Answer

(i) To record payroll: Date Account Title Debit Credit Dec.31 Salaries and wages expense 290000 Payroll Tax expense 25300 Federal Income Tax Payable 31000 Employees' FICA payable 46000 Employees' United Way Payable 4300 Unemployment Taxes Payable 2300 Cash 231700 (ii) To record rent received in advance : Date Account Title Debit Credit Dec.10 Cash 1590 Unearned Revenue 1590 (iii) To record rent accrued as at December 31 : Date Account Title Debit Credit Dec.31 Unearned Revenue 1060 Renet Revenue 1060 SANDLER COMPANY Balance Sheet (Partial) December 31 Current liabilties: Federal Income Tax Payable 31000 Employees' FICA payable 46000 Employees' United Way Payable 4300 Unemployment Taxes Payable 2300 Unearned Revenue 530 Total 84130

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