C ezto.mheducation.com/hm.tpx During January, Luxury Cruise Lines incurs employe

Question

C ezto.mheducation.com/hm.tpx During January, Luxury Cruise Lines incurs employee salaries of $1.7 million. Withholdings in January are $130,050 for the employee portion of FICA, $255,000 for federal income tax, $106,250 for state income tax, and $17,000 for the employee portion of health insurance (payable to Blue Cross/Blue Shield). The company incurs an additional $105,400 for federal and state unemployment tax and $51,000 for the employer portion of health insurance Required 1., 2.&3. Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in dollars, not in millions (i.e. 5 should be entered as 5,000,000).) View transaction list Journal entry worksheet 2 Record the employee salary expense, withholdings, and salaries payable. Note: Enter debits before credits. Date General Journal Debit Credit January 31 Record entry Cloar ontry Viow general journal

Explanation / Answer

Jan-31 Salaries expense 1700000       Income tax payable 361250       FICA tax payable 130050       Accounts payable 17000        Salaries payable 1191700 Jan-31 Salaries expense 51000        Accounts payable 51000 Jan-31 Payroll tax expense 235450        FICA tax payable 130050         Unemployment tax payable 105400

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