During January, Luxury Cruise Lines incurs employee salaries of $2.6 million. Withholdings in January are $198,900 for the employee portion of FICA, and $552,500 for employee federal and state. The company incurs an additional $161,200 for federal and state unemployment tax and $78,000 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 $2.6 million. Withholdings in January are $198,900 for the employee portion of FICA, and $552,500 for employee federal and state. The company incurs an additional $161,200 for federal and state unemployment tax and $78,000 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).)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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