Art Parrish Is the Sole Employee of Parrish Sales

question 151

Essay

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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Definitions:

Reminders

Cues or signals that prompt the recall of information or motivate actions that might otherwise be forgotten.

Memory Testing

Memory testing refers to the assessment of an individual's ability to recall, recognize, or utilize information that has been previously learned, helping to identify possible impairments or declines.

Improvements

Refers to enhancements or betterments in situations, processes, or qualities.

Deficits

The shortfall or deficiency in a particular area such as budget, skill, or knowledge.