Merinoff Companys 20X0 pension expense was $800,000, of which it paid $500,000 in cash to a trustee.

Question:

Merinoff Company’s 20X0 pension expense was $800,000, of which it paid $500,000 in cash to a trustee. By using the balance sheet equation format, show which accounts were affected by these data. Prepare the corresponding journal entry.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...