Arena Company provides health insurance to its employees that costs $14,400 per month.

Arena Company provides health insurance to its employees that costs $14,400 per month. In addition, the company contributes 4% of the employees’ $144,000 gross salary to a retirement program. The entry to record the accrued benefits for the month would include a:
Debit to Employee Retirement Program Payable $5,760.
Credit to Employee Benefits Expense $20,160.
Credit to Employee Benefits Expense $14,400.
Debit to Medical Insurance Payable $14,400.
Debit to Employee Benefits Expense $20,160.

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