During January, Luxury Cruise Lines incurs employee salaries of $2.9 million. Withholdings in January are $221,850 for the employee portion of FICA, $435,000 for federal income tax, $181,250 for state income tax, and $29,000 for the employee portion of health insurance (payable to Blue Cross/Blue Shield). The company incurs an additional $179,800 for federal and state unemployment tax and $87,000 for the employer portion of health insurance. Required: 1., 2.& 3. Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in dollars, not in millions (i.e. 5 should be entered as 5,000,000).) Journal entry worksheet 1 2 3 >
During January, Luxury Cruise Lines incurs employee salaries of $2.9 million. Withholdings in January are $221,850 for the employee portion of FICA, $435,000 for federal income tax, $181,250 for state income tax, and $29,000 for the employee portion of health insurance (payable to Blue Cross/Blue Shield). The company incurs an additional $179,800 for federal and state unemployment tax and $87,000 for the employer portion of health insurance. Required: 1., 2.& 3. Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in dollars, not in millions (i.e. 5 should be entered as 5,000,000).) Journal entry worksheet 1 2 3 >
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter8: Employer Taxes, Payments, And Reports
Section: Chapter Questions
Problem 2PA
Related questions
Question
![During January, Luxury Cruise Lines incurs employee salaries of $2.9 million. Withholdings in January are $221,850 for the employee
portion of FICA, $435,000 for federal income tax, $181,250 for state income tax, and $29,000 for the employee portion of health
insurance (payable to Blue Cross/Blue Shield). The company incurs an additional $179,800 for federal and state unemployment tax and
$87,000 for the employer portion of health insurance.
Required:
1., 2.& 3. Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a transaction/event, select
"No journal entry required" in the first account field. Enter your answers in dollars, not in millions (i.e. 5 should be entered as
5,000,000).)
Journal entry worksheet
2 3
Record the employee salary expense, withholdings, and salaries payable.
Note: Enter debits before credits.
Date
General Journal
Debit
Credit
January 31
Record entry
Clear entry
View general journal](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F2026c0b0-7b1d-4913-b534-a9aba708cafe%2F076dd748-2482-4549-ab36-88755ee37e13%2Fiycottr.png&w=3840&q=75)
Transcribed Image Text:During January, Luxury Cruise Lines incurs employee salaries of $2.9 million. Withholdings in January are $221,850 for the employee
portion of FICA, $435,000 for federal income tax, $181,250 for state income tax, and $29,000 for the employee portion of health
insurance (payable to Blue Cross/Blue Shield). The company incurs an additional $179,800 for federal and state unemployment tax and
$87,000 for the employer portion of health insurance.
Required:
1., 2.& 3. Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a transaction/event, select
"No journal entry required" in the first account field. Enter your answers in dollars, not in millions (i.e. 5 should be entered as
5,000,000).)
Journal entry worksheet
2 3
Record the employee salary expense, withholdings, and salaries payable.
Note: Enter debits before credits.
Date
General Journal
Debit
Credit
January 31
Record entry
Clear entry
View general journal
![Journal entry worksheet
Journal entry worksheet
3
3
Record the employer-provided fringe benefits.
Record the employer payroll taxes.
Note: Enter debits before credits.
Note: Enter debits before credits.
Date
General Journal
Debit
Credit
Date
General Journal
Debit
Credit
January 31
January 31
Record entry
Clear entry
View general journal
Record entry
Clear entry
View general journal](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F2026c0b0-7b1d-4913-b534-a9aba708cafe%2F076dd748-2482-4549-ab36-88755ee37e13%2Fv6icqlb.png&w=3840&q=75)
Transcribed Image Text:Journal entry worksheet
Journal entry worksheet
3
3
Record the employer-provided fringe benefits.
Record the employer payroll taxes.
Note: Enter debits before credits.
Note: Enter debits before credits.
Date
General Journal
Debit
Credit
Date
General Journal
Debit
Credit
January 31
January 31
Record entry
Clear entry
View general journal
Record entry
Clear entry
View general journal
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