An employer has an employee benefit package that includes employer-paid health insurance and an employer-paid retirement program. The March payroll included contributions of $5,500 for health insurance, and 10% of the employees' $120,000 gross salaries for the employee retirement program. Prepare the journal entry to record these employee benefits.
What will be an ideal response?
| Employee Benefits Expense……………………………… | 17,500 |
| Employee Health Insurance Payable………………….. | 5,500 |
| Employee Retirement Program Payable………………. | 12,000 |
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