[The following information applies to the questions displayed below.] Riverside Company completed the following two transactions. The annual accounting period ends December 31. a. On December 31, calculated the payroll, which indicates gross earnings for wages ($150,000), payroll deductions for income tax ($15,000), payroll deductions for FICA ($14,000), payroll deductions for United Way ($2,800), employer contributions for FICA (matching), and state and federal unemployment taxes ($1,700). Employees were paid in cash, but these payments and the corresponding payroll deductions and employer taxes have not yet been recorded. b. Collected rent revenue of $4,080 on December 10 for office space that Riverside 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. CP10-3 (Algo) Part 1 Required: 1. & 2. Complete the required journal entries to record payroll on December 31, collection of rent on December 10 and the adjusting journal entry on December 31. TIP: Notice that the entry recorded on December 10 includes 10 days of rental space (out of 30) that isn't provided until after 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 field.) View transaction list Journal entry worksheet 1 2 3 4 Record the wages expense, including payroll deductions. Note: Enter debits before credits. Date December 31 General Journal Debit Credit Prev 1 of 8
[The following information applies to the questions displayed below.] Riverside Company completed the following two transactions. The annual accounting period ends December 31. a. On December 31, calculated the payroll, which indicates gross earnings for wages ($150,000), payroll deductions for income tax ($15,000), payroll deductions for FICA ($14,000), payroll deductions for United Way ($2,800), employer contributions for FICA (matching), and state and federal unemployment taxes ($1,700). Employees were paid in cash, but these payments and the corresponding payroll deductions and employer taxes have not yet been recorded. b. Collected rent revenue of $4,080 on December 10 for office space that Riverside 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. CP10-3 (Algo) Part 1 Required: 1. & 2. Complete the required journal entries to record payroll on December 31, collection of rent on December 10 and the adjusting journal entry on December 31. TIP: Notice that the entry recorded on December 10 includes 10 days of rental space (out of 30) that isn't provided until after 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 field.) View transaction list Journal entry worksheet 1 2 3 4 Record the wages expense, including payroll deductions. Note: Enter debits before credits. Date December 31 General Journal Debit Credit Prev 1 of 8
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
None
![[The following information applies to the questions displayed below.]
Riverside Company completed the following two transactions. The annual accounting period ends December 31.
a. On December 31, calculated the payroll, which indicates gross earnings for wages ($150,000), payroll deductions for
income tax ($15,000), payroll deductions for FICA ($14,000), payroll deductions for United Way ($2,800), employer
contributions for FICA (matching), and state and federal unemployment taxes ($1,700). Employees were paid in cash, but
these payments and the corresponding payroll deductions and employer taxes have not yet been recorded.
b. Collected rent revenue of $4,080 on December 10 for office space that Riverside 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.
CP10-3 (Algo) Part 1
Required:
1. & 2. Complete the required journal entries to record payroll on December 31, collection of rent on December 10 and the adjusting
journal entry on December 31. TIP: Notice that the entry recorded on December 10 includes 10 days of rental space (out of 30)
that isn't provided until after 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 field.)
View transaction list
Journal entry worksheet
1
2
3 4
Record the wages expense, including payroll deductions.
Note: Enter debits before credits.
Date
December 31
General Journal
Debit
Credit
Prev
1 of 8](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F4f993ea0-e6d9-466a-8f09-54aa00cc3b77%2F97c74425-2537-497d-a24a-71c27c29e69d%2Fcmo2gb_processed.png&w=3840&q=75)
Transcribed Image Text:[The following information applies to the questions displayed below.]
Riverside Company completed the following two transactions. The annual accounting period ends December 31.
a. On December 31, calculated the payroll, which indicates gross earnings for wages ($150,000), payroll deductions for
income tax ($15,000), payroll deductions for FICA ($14,000), payroll deductions for United Way ($2,800), employer
contributions for FICA (matching), and state and federal unemployment taxes ($1,700). Employees were paid in cash, but
these payments and the corresponding payroll deductions and employer taxes have not yet been recorded.
b. Collected rent revenue of $4,080 on December 10 for office space that Riverside 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.
CP10-3 (Algo) Part 1
Required:
1. & 2. Complete the required journal entries to record payroll on December 31, collection of rent on December 10 and the adjusting
journal entry on December 31. TIP: Notice that the entry recorded on December 10 includes 10 days of rental space (out of 30)
that isn't provided until after 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 field.)
View transaction list
Journal entry worksheet
1
2
3 4
Record the wages expense, including payroll deductions.
Note: Enter debits before credits.
Date
December 31
General Journal
Debit
Credit
Prev
1 of 8
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education