accounting 149

Arena 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.