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Arena Company provides health insurance to its employees that costs $15,200 per month. In addition, the company contributes 3% of the employees' $152,000 gross salary to a retirement program. The entry to record the accrued benefits for the month would include a:

a) Credit to Employee Benefits Expense $15,200.

b) Credit to Employee Benefits Expense $19,760.

c) Debit to Employee Benefits Expense $19,760.

d) Debit to Medical Insurance Payable $15,200.

e) Debit to Employee Retirement Program Payable $4,560.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M940005

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