Art Parrish is the sole employee of Parrish Sales. His company pays a portion of his health insurance premium, and also contributes to a retirement plan in his name. The company share of the health insurance premium is $400, and the company contribution to the retirement plan is $550. Please provide the third journal entry in the payroll cycle to record the employee benefits paid by the company.

Question

Art Parrish is the sole employee of Parrish Sales. His company pays a portion of his health insurance premium, and also contributes to a retirement plan in his name. The company share of the health insurance premium is $400, and the company contribution to the retirement plan is $550. Please provide the third journal entry in the payroll cycle to record the employee benefits paid by the company.
Art Parrish is the sole employee of Parrish Sales. His company pays a portion of his health insurance premium, and also contributes to a retirement plan in his name. The company share of the health insurance premium is $400, and the company contribution to the retirement plan is $550. Please provide the third journal entry in the payroll cycle to record the employee benefits paid by the company.

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The Answer of Art Parrish is the sole employee of Parrish Sales. His company pays a portion of his health insurance premium, and also contributes to a retirement plan in his name. The company share of the health insurance premium is $400, and the company contribution to the retirement plan is $550. Please provide the third journal entry in the payroll cycle to record the employee benefits paid by the company.

Art Parrish Is the Sole Employee of Parrish Sales