Exercise 8-8 (Algo) Record payroll (LO8-3) During January, Luxury Cruise Lines incurs employee salaries of $1.0...

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Exercise 8-8 (Algo) Record payroll (LO8-3) During January, Luxury Cruise Lines incurs employee salaries of $1.0 million. Withholdings in January are $76,500 for the employee portion of FICA, and $212,500 for employee federal and state. The company incurs an additional $62,000 for federal and state unemployment tax and $30,000 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).) View transaction list Journal entry worksheet 1 2 3 Record the employee salary expense, withholdings, and salaries payable. Note: Enter debits before credits. Date January 31 General Journal Salaries Expense Debit 1,000,000 Credit 76,500 > Exercise 8-8 (Algo) Record payroll (LO8-3) During January, Luxury Cruise Lines incurs employee salaries of $1.0 million. Withholdings in January are $76,500 for the employee portion of FICA, and $212,500 for employee federal and state. The company incurs an additional $62,000 for federal and state unemployment tax and $30,000 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).) View transaction list Journal entry worksheet 1 2 3 Record the employee salary expense, withholdings, and salaries payable. Note: Enter debits before credits. Date January 31 General Journal Salaries Expense Debit 1,000,000 Credit 76,500 >