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

Business

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