8-4B Record payroll (LO8-3) Emily Turnbull, president of Aerobic Equipment Corporation, is concerned about her employees' well-being. The company offers its employees free medical, dental, and life insurance coverage. It also matches employee contributions to a voluntary retirement plan up to 7% of their salaries. Assume that no employee's cumulative wages exceed the relevant wage bases. Payroll information for the biweekly payroll period ending January 24 is listed below. Wages and salaries Employee contribution to voluntary retirement plan Medical insurance premiums paid by employer Dental insurance premiums paid by employer Life insurance premiums paid by employer Federal and state income tax withheld FICA tax rate Federal and state unemployment tax rate Required: $2,100,000 105,000 42,000 14,700 $7,350 451,500 7.65% 6.20% 1., 2. & 3. Record the necessary journal entries. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 3 Record the employee salary expense, withholdings, and salaries payable. Note: Enter debits before credits) Date January 24 General Journal Debit Credit Problem 8-4B Record payroll (LO8-3) Emily Turnbull, president of Aerobic Equipment Corporation, is concerned about her employees' well-being. T employees free medical, dental, and life insurance coverage. It also matches employee contributions to a volu to 7% of their salaries. Assume that no employee's cumulative wages exceed the relevant wage bases. Payroll biweekly payroll period ending January 24 is listed below. Wages and salaries Employee contribution to voluntary retirement plan Medical insurance premiums paid by employer Dental insurance premiums paid by employer Life insurance premiums paid by employer Federal and state income tax withheld FICA tax rate Federal and state unemployment tax rate Required: $2,100,000 105,000 42,000 14,700 7,350 451,500 7.65% 6.20% 1., 2. & 3. Record the necessary journal entries. (If no entry is required for a transaction/event, select "No Jour the first account field.) View transaction list Journal entry worksheet < 1 3 Record the employer-provided fringe benefits. Note: Enter debits before credits, Date January 24 General Journal Debit Credit Problem 8-4B Record payroll (LO8-3) Emily Turnbull, president of Aerobic Equipment Corporation, is concerned about her employees' well-being. The company offers its employees free medical, dental, and life insurance coverage. It also matches employee contributions to a voluntary retirement plan up to 7% of their salaries. Assume that no employee's cumulative wages exceed the relevant wage bases. Payroll information for the biweekly payroll period ending January 24 is listed below. Wages and salaries Employee contribution to voluntary retirement plan Medical insurance premiums paid by employer Dental insurance premiums paid by employer Life insurance premiums paid by employer Federal and state income tax withheld. FICA tax rate Federal and state unemployment tax rate $2,100,000 105,000 42,000 14,700 7,350 451,see 7.65% 6.20% Required: 1., 2. & 3. Record the necessary journal entries. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet < 1 2 Record the employer payroll taxes. Note: Enter debits before credits. Datel January 24 General Journal Debit Credit