During January, Deluxe Printing pays employee salaries of $1.46 million. Withholdings in January are $68,000 for the employee portion of FICA, $220,000 for federal and state income tax, and $40,000 for the employee portion of health insurance (payable to Blue Cross). The company incurs an additional $28,000 for federal and state unemployment tax, and $30,000 for the employer portion of health insurance. Required: 1., 2. & 3. Record the following transactions for Deluxe Printing. (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.) 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
During January, Deluxe Printing pays employee salaries of $1.46 million. Withholdings in January are $68,000 for the employee portion of FICA, $220,000 for federal and state income tax, and $40,000 for the employee portion of health insurance (payable to Blue Cross). The company incurs an additional $28,000 for federal and state unemployment tax, and $30,000 for the employer portion of health insurance. Required: 1., 2. & 3. Record the following transactions for Deluxe Printing. (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.) 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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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vishnu
Transcribed Image Text:During January, Deluxe Printing pays employee salaries of $1.46 million. Withholdings in January are $68,000 for the
employee portion of FICA, $220,000 for federal and state income tax, and $40,000 for the employee portion of health
insurance (payable to Blue Cross). The company incurs an additional $28,000 for federal and state unemployment tax, and
$30,000 for the employer portion of health insurance.
Required:
1., 2. & 3. Record the following transactions for Deluxe Printing. (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.)
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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