Question
acation pay and pension benefits Instructions Chart of Accounts Journal Instructions Nakajima Company provides its employees with vacation benefits and a defined contribution pension
acation pay and pension benefits Instructions Chart of Accounts Journal Instructions Nakajima Company provides its employees with vacation benefits and a defined contribution pension plan Employees earned vacation pay of $25,500 for the period. The pension plan requires a contribution to the plan administrator equal to 6% of employee salaries Salaries were $340,000 during the period, and the full amount due was contributed to the pension plan administrator Required: On December 31, provide the journal entry for the (a) vacation pay on page 11 of the journal and (b) pension benefit on page 12 of the journal Refer to the chart of accounts for the exact wording of the account titles CNOW journals do not use lines for journal explanations Every line on a journal page is used for debit or credit entries CNOW joumals will automatically indent a credit entry when a credit amount is entered
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started