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During January, Deluxe Printing pays employee salaries of $0.83 million. Withholdings in January are $76,000 for the employee portion of FICA, $210,000 for federal and state income tax, and $40,000 for the employee portion of health insurance (payable to Blue Cross/Blue Shield). The company incurs an additional $48,000 for federal and state unemployment tax, and $20,000 for the employer portion of health insurance.
The journal entry to record employer-provided fringe benefits includes:______.

Respuesta :

abiolataiwo2015

Answer:

Credit to accounts payable (blue cross/blue shield) of $20,000

Explanation:

Based on the information given we were told that the amount of $20,000 is the amount for the employer portion of health insurance which therefore means that The appropiate journal entry to record employer-provided fringe benefits includes:

CREDIT To Accounts Payable (blue cross/blue shield) of $20,000.

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