Exercise 8-8 (Algo) Record payroll (LO8-3) 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).) View transaction list Journal entry worksheet < 1 2 Record the employee salary expense, withholdings, and salaries payable. Date January 31 3 Note: Enter debits before credits. Record entry General Journal Clear entry Debit Credit View general journal >
Exercise 8-8 (Algo) Record payroll (LO8-3) 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).) View transaction list Journal entry worksheet < 1 2 Record the employee salary expense, withholdings, and salaries payable. Date January 31 3 Note: Enter debits before credits. Record entry General Journal Clear entry Debit Credit View general journal >
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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I also need the employee payroll taxes recorded including whats in the pictures

Transcribed Image Text:**Exercise 8-8 (Algo) Record Payroll (LO8-3)**
**Context:**
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 taxes. 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.))
**View Transaction List**
---
**Journal Entry Worksheet**
- **Instruction:** Record the employee salary expense, withholdings, and salaries payable.
- **Note:** Enter debits before credits.
| Date | General Journal | Debit | Credit |
|------------|--------------------|-------|--------|
| January 31 | | | |
| | | | |
| | | | |
| | | | |
| | | | |
- Options:
- **Record Entry**
- **Clear Entry**
- **View General Journal**

Transcribed Image Text:**Exercise 8-8 (Algo) Record Payroll (LO8-3)**
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.))*
**Journal Entry Worksheet**
- **Instruction:** Click a tab to work on that page
- **Tabs:** 1, 2, 3
**Tab 2 Details:**
- **Title:** Record the employer-provided fringe benefits.
**Note:** Enter debits before credits.
**Table Format:**
| Date | General Journal | Debit | Credit |
|-----------|-----------------------|-------|--------|
| January 31| | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
**Buttons:**
- Record entry
- Clear entry
- View general journal
**Additional Elements:**
- **"View transaction list"**: Access a list of all transactions.
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