Dr employee benefits expense = $32,000
Cr medical insurance payable = $12,000
Cr retirement benefit payable = $20,000
Even if the firm has not yet paid the costs associated with its workers' services, they have gotten the benefits, thus even though the costs have not yet been paid, they should be recorded in the books using the accrual approach (costs should be recognized when incurred not when paid for).
Total accumulated benefits
$12,000 + (200 000 * 10%) = 32000.
The worker's benefits expenditure account should be debited for the whole accumulated benefits, and the accounts for medical insurance and retirement benefits should be credited with $12,000 and $20,000, respectively.
Therefore, total benefit = $32000
For more information on accrued benefits questions, refer to the given link:
brainly.com/question/16908164
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