Steve is an employee of Panache,Inc.Panache pays a portion of his health insurance premium and also contributes to a retirement plan in his name.The company's share of the health insurance premium is $660,and the company's contribution to the retirement plan is $820.The journal entry to record the employee benefits to be paid by the company should include a debit to Employee Health Insurance Payable for $1,480.

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The journal entry should include a debit to Employee Health Insurance Expense for $660 and a debit to Employee Retirement Plan Expense for $820. There should not be a debit to Employee Health Insurance Payable.

Steve Is an Employee of Panache,Inc