Exercise 8-8 (Algo) Record payroll (L08-3) 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).) No 1 2 3 Date January 31 January 31 January 31 Answer is complete but not entirely correct. General Journal Salaries Expense Employee Income Tax Payable FICA Tax Payable Salaries Payable Salaries Expense Fringe Benefits Payable Payroll Tax Expense FICA Tax Payable Unemployment Tax Payable ✓ Debit 1,100,000✔ 0x 0X Credit 233,750 84,150✔ 0x 33,000 84,150 68,200✔

Exercise 8-8 (Algo) Record payroll (L08-3) 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).) No 1 2 3 Date January 31 January 31 January 31 Answer is complete but not entirely correct. General Journal Salaries Expense Employee Income Tax Payable FICA Tax Payable Salaries Payable Salaries Expense Fringe Benefits Payable Payroll Tax Expense FICA Tax Payable Unemployment Tax Payable ✓ Debit 1,100,000✔ 0x 0X Credit 233,750 84,150✔ 0x 33,000 84,150 68,200✔

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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