Sandler Company completed the following two transactions. The annual accounting period ends December 31.
Required:
Journal entry worksheet
Note: Enter debits before credits.
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Note: Enter debits before credits.
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Note: Enter debits before credits.
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Note: Enter debits before credits.
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Show how any liabilities related to these items should be reported on the company’s balance sheet at December 31. (Do not round intermediate calculations.)
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a. Record the wages expense, including payroll deductions.
Date | Account Title & Explanation | Debit | Credit |
December 31 | Salary & Wages | 450000 | |
Withheld Income Taxes Payable | 47000 | ||
FICA Payable | 39000 | ||
Charitable Contributions Payable | 5900 | ||
Cash | 358100 |
b. record the payroll tax expense
Date | Account Title & Explanation | Debit | Credit |
December 31 | Payroll Expenses | 42900 | |
FICA Payable | 39000 | ||
SUTA & FUTA Payable (unemployment) | 3900 |
c. Record the collection of 30 days rent in advance amounting to $5,640
Date | Account Title & Explanation | Debit | Credit |
December 10 | Cash | 2070 | |
Deferred Rent Revenue | 2070 |
d. Record the adjusting entry relating to rent.
Date | Account Title & Explanation | Debit | Credit |
December 31 | Deferred Rent Revenue (2070/30 *20) | 1380 | |
Rent Revenue | 1380 |
Balance Sheet (partial) | |
At December 31 | |
Current liabilities: | |
Employee FICA taxes payable | 39000 |
Employer FICA taxes payable | 39000 |
Charitable Contributions Payable | 5900 |
Employee income taxes payable | 47000 |
Unemployment taxes payable | 3900 |
deferred revenue | 690 |
Total current liabilities | 135490 |
Sandler Company completed the following two transactions. The annual accounting period ends December 31. On December...
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