Multiple Choice
Jones Pharmacy agreed to pay $2,000 monthly for employee medical insurance and contribute 12% of employees' gross salaries to a retirement program. If gross salaries of employees in August were $37,000, the entry to record these accrued benefits will include a:
A) Debit to Employee Benefits Expense of $43,440.
B) Debit to Employee Medical Insurance Payable of $2,000.
C) Credit to Employee Retirement Program Payable of $6,440.
D) Debit to Employee Benefits Expense of $6,440.
E) Credit to Employee Retirement Program Payable of $41,440.
Correct Answer:
Verified
Correct Answer:
Verified
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