During January, Luxury Cruise Lines incurs employee salaries of $1.1 million. Withholdings in January are $84,150 for the employee portion of FICA, and $233,750 for employee federal and state. The company incurs an additional $68,200 for federal and state unemployment tax and $33,000 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 View journal entry worksheet Ⓡ 2 No Date 1 January 31 Salaries Expense FICA Tax Payable General Journal Employee Income Tax Payable Salaries Payable January 31 Salaries Expense 3 January 31 Payroll Tax Expense FICA Tax Payable. Unemployment Tax Payable Debit Credit 1,100,000 84,150 233,750 782,100 33,000 33,000

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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During January, Luxury Cruise Lines incurs employee salaries of $1.1 million. Withholdings in January are $84,150 for the employee
portion of FICA, and $233,750 for employee federal and state. The company incurs an additional $68,200 for federal and state
unemployment tax and $33,000 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 View journal entry worksheet
Ⓡ
2
No
Date
1
January 31
Salaries Expense
FICA Tax Payable
General Journal
Employee Income Tax Payable
Salaries Payable
January 31
Salaries Expense
3
January 31
Payroll Tax Expense
FICA Tax Payable.
Unemployment Tax Payable
Debit
Credit
1,100,000
84,150
233,750
782,100
33,000
33,000
Transcribed Image Text:During January, Luxury Cruise Lines incurs employee salaries of $1.1 million. Withholdings in January are $84,150 for the employee portion of FICA, and $233,750 for employee federal and state. The company incurs an additional $68,200 for federal and state unemployment tax and $33,000 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 View journal entry worksheet Ⓡ 2 No Date 1 January 31 Salaries Expense FICA Tax Payable General Journal Employee Income Tax Payable Salaries Payable January 31 Salaries Expense 3 January 31 Payroll Tax Expense FICA Tax Payable. Unemployment Tax Payable Debit Credit 1,100,000 84,150 233,750 782,100 33,000 33,000
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