Accounting
Kr3wloveArena Company provides health insurance to its employees that costs $16,000 per month. In addition, the company contributes 4% of the employees' $160,000 gross salary to a retirement program. The entry to record the accrued benefits for the month would include a:
Debit to Employee Benefits Expense $22,400.
Debit to Medical Insurance Payable $16,000.
Credit to Employee Benefits Expense $16,000.
Debit to Employee Retirement Program Payable $6,400.
Credit to Employee Benefits Expense $22,400.
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