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Carla Vista Corporation provides a defined contribution pension plan for its employees. Under the plan, the company deducts 6 % of each employee s gross
Carla Vista Corporation provides a defined contribution pension plan for its employees. Under the plan, the company deducts of each employees gross pay for each biweekly pay period. The company then contributes of the employees gross pay to the pension plan. The combined contributions are then submitted to the pension trustee within days of the end of the month in which the pay was earned.
For the first pay period of October from Sunday October to October Carla Vistas total gross payroll was $ Total gross payroll for the period October through October was $ The total anticipated payroll for the period October through November was $employees worked Monday through Friday each week On November Carla Vista submitted the pension contributions to the trustee for the month of October including accruals up to and including October Parepare all journal entry to record the payroll, including employee and employer contributions to the pension plan. For simplicity, ignore income taxes and other statutory deductions. List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select No Entry" for the account titles and enter for the amounts.
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