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During January, Luxury Cruise Lines incurs employee salaries of $1.4 million. Withholdings in January are $107,100 for the employee portion of FICA, $210,000 for
During January, Luxury Cruise Lines incurs employee salaries of $1.4 million. Withholdings in January are $107,100 for the employee portion of FICA, $210,000 for federal income tax, $87,500 for state income tax, and $14,000 for the employee portion of health insurance (payable to Blue Cross Blue Shield). The company incurs an additional $86,800 for federal and state unemployment tax and $42,000 for the employer portion of health insurance. Required: 1.-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 should be entered as 5,000,000).) View transaction list Journal entry worksheet < 1 2 3 Record the employee salary expense, withholdings, and salaries payable. Note: Enter debits before credits Journal entry worksheet < 1 CP 3 Record the employer-provided fringe benefits. Note: Enter debits before credits. Date January 31 General Journal Debit Credit Record entry Clear entry View general journal > Journal entry worksheet < 1 2 G Record the employer payroll taxes. Note: Enter debits before credits. Date January 31 General Journal Debit Credit Record entry Clear entry View general journal
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