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3) Art Parrish is the sole employee of Parrish Sales. His company pays a portion of his health insurance premium, and also contributes to a

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3) 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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