During January, Luxury Cruise Lines incurs employee salaries of $2.4 million. Withholdings in January are $183,600 for the employee portion of FICA, and $510,000 for employee federal and state. The company incurs an additional $148,800 for federal and state unemployment tax and $72,000 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).)
During January, Luxury Cruise Lines incurs employee salaries of $2.4 million. Withholdings in January are $183,600 for the employee portion of FICA, and $510,000 for employee federal and state. The company incurs an additional $148,800 for federal and state unemployment tax and $72,000 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).)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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X:
>
Record the employee salary expense, withholdings, and
salaries payable.
1
ple.
2
Record the employer-provided fringe benefits.
3
Record the employer payroll taxes.
Credit
Note :
= journal entry has been entered
Transcribed Image Text:During January, Luxury Cruise Lines incurs employee salaries of $2.4 million. Withholdings in January are $183,600 for the employee
portion of FICA, and $510,000 for employee federal and state. The company incurs an additional $148,800 for federal and state
unemployment tax and $72,000 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
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