During January, Luxury Cruise Lines incurs employee salaries of $1.8 million. Withholdings in January are $137,700 for the employee portion of FICA, and $382,500 for employee federal and state. The company incurs an additional $111,600 for federal and state unemployment tax and $54,000 for the employer portion of health insurance (fringe benefits payable to Blue Cross Blue Shield). Required: 1. to 3. Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in dollars, not in millions (i.e. 5 million should be entered as 5,000,000).) View transaction list Journal entry worksheet < 1 2 3 Record the employee salary expense, withholdings, and salaries payable. Note: Enter debits before credits. Date January 31 General Journal Debit Credit >

During January, Luxury Cruise Lines incurs employee salaries of $1.8 million. Withholdings in January are $137,700 for the employee portion of FICA, and $382,500 for employee federal and state. The company incurs an additional $111,600 for federal and state unemployment tax and $54,000 for the employer portion of health insurance (fringe benefits payable to Blue Cross Blue Shield). Required: 1. to 3. Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in dollars, not in millions (i.e. 5 million should be entered as 5,000,000).) View transaction list Journal entry worksheet < 1 2 3 Record the employee salary expense, withholdings, and salaries payable. Note: Enter debits before credits. Date January 31 General Journal Debit Credit >

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter8: Employer Taxes, Payments, And Reports

Section: Chapter Questions

Problem 4PB

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