Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

6 During January, Luxury Cruise Lines Incurs employee salaries of $2.8 million Withholdings in January are $214.200 for the employee portion of FICA $420,000 for

image text in transcribed
image text in transcribed
6 During January, Luxury Cruise Lines Incurs employee salaries of $2.8 million Withholdings in January are $214.200 for the employee portion of FICA $420,000 for federal Income tax $175.000 for state income tax, and $28,000 for the employee portion of health insurance (payable to Blue Cross/Blue Shield. The company incurs on additional $173,600 for federal and state unemployment tax and $84,000 for the employer portion of health insurance 13.12 points 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 millons (l.e. 5 should be entered as 5,000,000)) ook Hoferece View transaction list View journal entry worksheet Credit Debit General Journal No 1 Date January 31 Salaries expense Income tax payable FICA tax payable Accounts payable Salarios para January 31 Salarios por Help Save & E 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 milions (L. S should be entered as 5,000,000).) View transaction fist View journal entry worksheet No Date General Journal Debit 1 January 31 Credit Salaries expense Income tax payable FICA tax payable Accounts payable Salaries payable 2 January 31 Salaries expense Accounts payable 3 January 31 Payroll tax expense FICA tax payable Unemployment tax payable

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Statistical Models And Analysis In Auditing

Authors: National Research Council, Division On Engineering And Physical Sciences, And Applications Commission On Physical Sciences, Mathematics, Board On Mathematical Sciences, Committee On Applied And Theoretical Statistics, Panel On Nonstandard Mixtures Of Distributions

1st Edition

0309078172, 978-0309078177

More Books

Students also viewed these Accounting questions

Question

Evaluating Group Performance?

Answered: 1 week ago