Exercise 8-8 (Algo) Record payroll (LO8-3)

During January, Luxury Cruise Lines incurs employee salaries of $2.7 million. Withholdings in January are $206,550 for the employee portion of FICA, and $573,750 for employee federal and state. The company incurs an additional $167,400 for federal and state unemployment tax and $81,000 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).)