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3 years ago

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

Business

1 answer:

dmitriy555 [2]3 years ago

5 0

Answer:

(i) Prepare the entries required on December 31 to record payroll.

Dr Wages expense 40,000

Dr FICA taxes expense 3,000

Dr Federal and state unemployment taxes expense 300

Cr Federal income taxes withheld payable 4,000

Cr FICA taxes withheld payable 3,000

Cr Deductions to American Cancer Society payable 1,500

Cr FICA taxes payable 3,000

Cr Federal and state unemployment taxes payable 300

Cr Cash 31,500

(ii) Prepare the journal entry for the collection of rent on December 10.

Dr Cash 5,250

Cr Unearned rent revenue - office space 5,250

(iii) Prepare the adjusting journal entry on December 31.

Dr Unearned rent revenue - office space 3,500

Cr Rent revenue - office space 3,500

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