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30 June, 19:53

Athena Company provides employee health insurance that costs $5,000 per month. In addition, the company contributes an amount equal to 5% of the employees' $120,000 gross salary to a retirement program. The entry to record the accrued benefits for the month would include a:

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  1. 30 June, 20:08
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    The answer is given below;

    Explanation:

    Employee Benefit Expense (5,000+120,000*5%) Dr.$11,000

    Accrued Employee Benefits payable Cr.$11,000

    As these are the costs that company has to pay for employee retirement and health plans, therefore increase in these expenses will be recorded with corresponding effect to payable.
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