Lakeview Company completed the following two transactions. The annual accounting period ends December
On December calculated the payroll, which indicates gross earnings for wages $ payroll deductions for income tax $ payroll deductions for FICA $ payroll deductions for American Cancer Society $ employer contributions for FICA matching and state and federal unemployment taxes $ Employees were paid in cash, but payments for the corresponding payroll deductions have not yet been made and employer taxes have not yet been recorded.
Collected rent revenue of $ on December for office space that Lakeview rented to another business. The rent collected was for days from December to January and was credited in full to Deferred Revenue.
Required:
& Prepare the journal entries to record payroll on December the collection of rent on December and adjusting journal entry on December
Show how any of the liabilities related to these items should be reported on the companys balance sheet at December
