Steve is an employee of Panache,Inc.Panache pays a portion of his health insurance premium and also contributes to a retirement plan in his name.The company's share of the health insurance premium is $600,and the company's contribution to the retirement plan is $860.The journal entry to record the employee benefits to be paid by the company should include a debit to Employee Health Insurance Payable for $1,460.

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The journal entry to record employee benefits should include a debit to Employee Health Insurance Expense for $600 and a debit to Retirement Plan Contribution Expense for $860. There is no account called Employee Health Insurance Payable.

Steve Is an Employee of Panache,Inc