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  3. sandler company completed the following two transa

Sandler Company completed the following two transactions. The annual accounting period ends December 31.1....

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Accounting

Sandler Company completed the following two transactions. The
annual accounting period ends December 31.1. On December 31, calculated the payroll, which indicates gross
earnings for wages ($420,000), payroll deductions for income tax
($44,000), payroll deductions for FICA ($36,000), payroll
deductions for United Way ($5,600), employer contributions for FICA
(matching) and state and federal unemployment taxes ($3,600).
Employees were paid in cash, but payments for the corresponding
payroll deductions have not been made and employer taxes have not
yet been recorded.2. Collected rent revenue of $1,980 on December 10 for office
space that Sandler rented to another business. The rent collected
was for 30 days from December 11 to January 10 and was credited in
full to Unearned Revenue.Prepare the entries required on
December 31 to record payroll.Prepare the journal entry for the
collection of rent on December 10.Prepare the adjusting journal
entry on December 31.Show how any liabilities related
to these items should be reported on the companys balance sheet at
December 31.

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