Vacation pay and pension benefits Obj. 3 Fukushima Company provides its employees with vacation benefits and a
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Vacation pay and pension benefits Obj. 3 Fukushima Company provides its employees with vacation benefits and a defined contribution pension plan. Employees earned vacation pay of $19,500 for the period. The pension plan requires a contribution to the plan administrator equal to 6% of employee salaries. Salaries were $260,000 during the period, and the full amount due was contributed to the pension plan administrator.
Journalize the entry to record the
(a) vacation pay and
(b) pension benefit.
AppendixLO1
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Related Book For
Corporate Financial Accounting
ISBN: 9781337398176
15th Edition
Authors: Carl Warren, Jefferson Jones
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