Your firm pays employees semimonthly on the 15th and the last day of the month and pays half of each employees hospitalization insurance. For November, 20X1, hospitalization insurance withheld is $7,100. On December 12, 20X1, your firm remits $14,200 to the insurance company for November. What entry will you record for the $14,200 payment?

Hospitalization Insurance Expense 14,200 Hospital Insurance Withheld 7,100 Cash 7,100

Hospitalization Insurance Expense 14,200 Cash 14,200

Hospitalization Insurance Withheld 14,200 Cash 14,200

Hospitalization Insurance Expense 7,100 Hospitalization Insurance Withheld 7,100 Cash 14,200