Art Parrish is the sole employee of Parrish Sales. His company pays a portion of his health
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Question:
Art Parrish is the sole employee of Parrish Sales. His company pays a portion of his health insurance premium, and also contributes to a retirement plan in his name. The company share of the health insurance premium is $400, and the company contribution to the retirement plan is $550. The third journal entry in the payroll cycle to record the employee benefits to be paid by the company should include which of the following?
- Credit Cash
- Debit Health insurance expense
- Credit Retirement plan expense
- Debit Employee benefits payable
Related Book For
Federal Taxation 2016 Comprehensive
ISBN: 9780134104379
29th edition
Authors: Thomas R. Pope, Timothy J. Rupert, Kenneth E. Anderson
Posted Date: