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Exercise 8-8 (Algo) Record payroll (LO8-3) During January. Luxury Cruise Lines incurs employee salaries of $2.5 million. Withholdings in January are $191,250 for the employee

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Exercise 8-8 (Algo) Record payroll (LO8-3) During January. Luxury Cruise Lines incurs employee salaries of $2.5 million. Withholdings in January are $191,250 for the employee portion of FICA, and $531,250 for employee federal and state. The company incurs an additional $155,000 for federal and state unemployment tax and $75,000 for the employer portion of health insurance (fringe benefits payable to Blue Cross 8 lue Shleich 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).) Record the employee salary expense, withholdings, and salaries payable. Note: Enter debits before credits. Record the employer-provided fringe benefits. Note: Enter debits before credits. Journal entry worksheet Record the employer payroll taxes. Note: Enter debits before credits

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