Homework Help is Here – Start Your Trial Now!
Business
Accounting
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 >

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
icon
Concept explainers
Question
None
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 7 Record entry Clear entry View general journal
Transcribed Image Text: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 7 Record entry Clear entry View general journal
Expert Solution
steps

Step by step

Solved in 3 steps with 4 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Journal entries
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS