Drake Company pays its employees for two weeks of vacation each year. The total annual cost of the vacation benefit is $109,920. Prepare the journal entry to record the monthly accrued vacation expense. 9. General Journal Date Account Description Debit Credit 10. An employer has an employee benefit package that includes employer-paid health insurance and an employer-paid retirement program. During March, the employer paid $5,500 for health insurance, and contributed to the employee retirement program 10% of the employees $120,000 gross salaries. Prepare the journal entry to record these employee benefits. General Journal Date Account Description Debit Credit CHAPTER 10 11. Identify the advantages and disadvantages of bond financing