During January, Luxury Cruise Lines incurs employee salaries of $2.5 million. Withholdings in January are $191,250 for the employee portion of FICA, $375,000 for federal income tax, $156,250 for state income tax, and $25,000 for the employee portion of health insurance (payable to Blue Cross/Blue Shield). The company incurs an additional $155,000 for federal and state unemployment tax and $75,000 for the employer portion of health insurance.
Required:
Record the necessary entries in the Journal Entry Worksheet below.
View transaction list Journal entry worksheet < Record the employee salary expense, withholdings, and salaries payable. Note: Enter debits before credits
Date General Journal Credit Debit
January 31 Notes receivable 2,500,000
FICA tax payable 191.250
Income tax payable 375,000
Accounts payable 25,000
Salaries payable
Answers: 3
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During January, Luxury Cruise Lines incurs employee salaries of $2.5 million. Withholdings in Januar...
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