Question
During January, Deluxe Printing pays employee salaries of $1.03 million. Withholdings in January are $75,000 for the employee portion of FICA, $200,000 for federal and
During January, Deluxe Printing pays employee salaries of $1.03 million. Withholdings in January are $75,000 for the employee portion of FICA, $200,000 for federal and state income tax, and $50,000 for the employee portion of health insurance (payable to Blue Cross/Blue Shield). The company incurs an additional $28,000 for federal and state unemployment tax, and $30,000 for the employer portion of health insurance. 1., 2. & 3. Record the following transactions for Deluxe Printing. (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.) View transaction list Journal entry worksheet 1 2 3 Record the employee salary expense, withholdings, and salaries payable. Note: Enter debits before crdits Date Jan 31 General Journal Debit Credit Record entry Clear entry View general journal Nest Journal entry worksheet
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