An Employer Has an Employee Benefit Package That Includes Employer-Paid

question 84

Essay

An employer has an employee benefit package that includes employer-paid health insurance and an employer-paid retirement program.During January,the employer-paid health insurance equaled $7,500 and the amount the employer agreed to contribute to the employee retirement program was 10% of the employees' $150,000 gross salaries.Prepare the general journal entry to record these employee benefits.

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Definitions:

Oxbow Lake

An isolated, curved lake formed when a cutoff meander is filled with water.

Sinuosity

The measure of how much a river or stream meanders, calculated as the channel length divided by the straight-line distance downstream.

Esker

A long, winding ridge of stratified sand and gravel, typically occurring in glaciated and formerly glaciated regions, formed by retreating glaciers or meltwater.

Levees

Natural or artificial embankments built along rivers or watercourses to prevent their waters from overflowing onto adjacent land.