ces During January, Luxury Cruise Lines incurs employee salaries of $3 million. Withholdings in January are $229,500 for the employee portion of FICA, and $667,500 for employee federal and state. The company incurs an additional $186,000 for federal and state unemployment tax and $90,000 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 >

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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During January, Luxury Cruise Lines incurs employee salaries of $3 million. Withholdings in January are $229,500 for the employee
portion of FICA, and $667,500 for employee federal and state. The company incurs an additional $186,000 for federal and state
unemployment tax and $90,000 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.
Date
January 31
Note: Enter debits before credits.
General Journal
Debit
Credit
Transcribed Image Text:ces During January, Luxury Cruise Lines incurs employee salaries of $3 million. Withholdings in January are $229,500 for the employee portion of FICA, and $667,500 for employee federal and state. The company incurs an additional $186,000 for federal and state unemployment tax and $90,000 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. Date January 31 Note: Enter debits before credits. General Journal Debit Credit
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