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1 PA10-3 (Algo) Recording and Reporting Current Liabilities (LO 10-2) Lakeview Company completed the following two transactions. The annual accounting period ends December 31. 66 hits Book a.On December 31, calculated the payroll, which indicates gross earnings for wages ($44.000), payroll deductions for Income tax ($4.400), payroll deductions for FICA ($3,300), payroll deductions for American Cancer Society ($1,650). employer contributions for FICA matching), and state and federal unemployment taxes ($385). 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. b. Collected tent revenue of $5,325 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 Deferred Revenue. Prime Required: 1. & 2. Prepare the journal entries to record payroll on December 31, the collection of rent on December 10 and adjusting journal entry on December 31 3. Show how any of the liabilities related to these items should be reported on the company's balance sheet at December 31 Complete this question by entering your answers in the tabs below. Rea 1 and 2 Req3 Prepare the journal entries to record payroll on December 31, the collection of rent on December 10 and 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 Pield.) View transaction that Journal entry worksheet 1 wwwwwwwwwwwwww corresponding payroll deductions have not yet been made and employer taxes have not yet been recorded. b. Collected rent revenue of $5,325 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 Deferred Revenue 16.66 points Required: 1.8 2. Prepare the journal entries to record payroll on December 31, the collection of rent on December 10 and adjusting journal entry on December 31 3. Show how any of the abilities related to these items should be reported on the company's balance sheet at December 31. Answer is not complete. Complete this question by entering your answers in the tabs below. Reg 1 and 2 Ree3 Show how any of the abilities related to these items should be reported on the company's balance sheet at December 31. (Do not round intermediate calculations.) LAKEVIEW COMPANY Balance Sheet partia At December 31 Current Liabilities Income Tax Payable @s 4.400 FICA Payable 6.600 Chantable Contributions Payable State and Federal Unemployment Tax Payable 385 Rent R 1.775 OOOOO 1.650 $ 14810

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