During January, Luxury Cruise Lines incurs employee salaries of $2.4 million. Withholdings in January are $183,600 for the employee portion of FICA, and $510,000 for employee federal and state. The company incurs an additional $148,800 for federal and state unemployment tax and $72,000 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).)

During January, Luxury Cruise Lines incurs employee salaries of $2.4 million. Withholdings in January are $183,600 for the employee portion of FICA, and $510,000 for employee federal and state. The company incurs an additional $148,800 for federal and state unemployment tax and $72,000 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).)

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter8: Employer Taxes, Payments, And Reports

Section: Chapter Questions

Problem 1PB

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