Art Parrish is the sole employee of Parrish Sales. His company pays a portion of

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

Explanation / Answer

Debit Health Insurance Expense

To Benefits Payable

Thus answer is Debit Health Insurance Expense

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