Riverrun Co. provides medical care and insurance benefits to its retirees. In the current year, Riverrun...
Riverrun Co. provides medical care and insurance benefits to its retirees. In the current year, Riverrun agrees to pay $5,500 for medical insurance and contribute an additional $9,000 to a retirement program. Record the entry for these accrued (but unpaid) benefits on December 31.
Homework Answers
Solution:
| Date | Accounts title | Debit | Credit |
| 31-Dec | Employee Benefits expense | $14500 | |
| Medical Insurance payable | $5500 | ||
| Employee retirement program payable | $9000 |
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