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D Automated Student Access x M McGraw-Hill Connect | Err × T Check Your Work M Cha ezto.mheducation.com/hm.tpx Bookmarks ESCI 111 Quiz 10 F 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 ($96,000), payroll deductions for income tax ($9,600), payroll deductions for FICA ($7,200), payroll deductions for American Cancer Society ($3,600), employer contributions for FICA (matching), and state and federal unemployment taxes ($720) Employees were paid in cash, but payments for the corresponding payrol deductions have not yet been made and employer taxes have not yet been recorded. Collected rent revenue of $6,300 on December 10 for office space that Lakeview rented to another business. The rent collected was for 30 days from December 11 to January 10 and was credited in full to Unearned Rent Revenue. b. Required 1& 2. Complete the required journal entries for the above transactions as shown below: () Prepare the entries required on December 31 to record payroll. (i) Prepare the journal entry for the collection of rent on December 10. (ii) Prepare the 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 Journal entry worksheet Record the wages expense, including payroll deductions. Note: Enter debits before credits. Date General Journal DebitCredit December 31

Explanation / Answer

Partial Balance Sheet

General Journal Debit Credit Saleries and Wages Expenses 96000 Withheld income Taxes Payable 9600 FICA Payable 7200 Cancer Society 3600 Cash 75600 Payroll Tax Expense 7920 FICA Payable 7200 State and Federal Unemployment Taxes Payable 720 Cash 6300 Unearned rent revenue 6300 Unearned rent revenue 4200 Rent revenue 4200

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