An employer agrees to pay $15,300 for medical insurance and contribute an additional 5% of the employees' $153,000 gross salaries to a retirement program. The entry to record these accrued benefits is:

Question

Answer

Debit to Employee Benefits Expense $22,950.

Answer

Credit to Employee Benefits Expense $15,300.

Answer

Debit to Employee Retirement Program Payable $7,650.

Answer

Debit to Payroll Taxes Expense $22,950.

Answer

Debit to Medical Insurance Payable $15,300.

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An employer agrees to pay $15,300 for medical insurance and contribute an additi...

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