During January, Luxury Cruise Lines incurs employee salaries of $1.4 million. Withholdings in January are $107,100 for the employee portion of FICA, and $297,500 for employee federal and state. The company incurs an additional $86,800 for federal and state unemployment tax and $42,000 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 Record the employee salary expense, withholdings, and salaries payable. Note: Enter debits before credits. During January, Luxury Cruise Lines incurs employee salaries of $1.4 million. Withholdings in January are $107,100 for the employee portion of FICA, and $297,500 for employee federal and state. The company incurs an additional $86,800 for federal and state unemployment tax and $42,000 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 Note: Enter debits before credits. During January, Luxury Cruise Lines incurs employee salaries of $1.4 million. Withholdings in January are $107,100 for the employee portion of FICA, and $297,500 for employee federal and state. The company incurs an additional $86,800 for federal and state unemployment tax and $42,000 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 Note: Enter debits before credits. Accounts Receivable Advertising Expense Allowance for Uncollectible Accounts Bad Debt Expense Cash Common Stock Contingent Liability Cost of Goods Sold Deferred Revenue Delivery Expense Employee Income Tax Payable FICA Tax Payable Fringe Benefits Payable Gain Income Tax Expense Interest Revenue Inventory Loss No Journal Entry Required Notes Payable General Journal Notes Receivable Payroll Tax Expense Property Tax Expense Rent Expense Repairs and Maintenance Expense Retained Earnings Salaries Expense Salaries Payable Sales Revenue Sales Tax Payable Service Revenue Supplies Supplies Expense Unemployment Tax Payable Utilities Expense Unemployment Tax Payable Utilities Expense Utilities Payable Warranty Expense Warranty Liability
