Fukushima Company provides its employees with vacation benefits and a defined contribution pension planA pension plan that requires a fixed amount of money to be invested on the employee's behalf during the employee's working years.

. 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.

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 exact wording of account titles

CHART OF ACCOUNTS

Fukushima Company

General Ledger

ASSETS

110Cash

111Accounts Receivable

112Interest Receivable

113Notes Receivable

115Merchandise Inventory

116Supplies

118Prepaid Insurance

120Land

123Building

124Accumulated Depreciation-Building

125Office Equipment

126Accumulated Depreciation-Office Equipment

LIABILITIES

210Accounts Payable

213Interest Payable

214Notes Payable

215Salaries Payable

216Social Security Tax Payable

217Medicare Tax Payable

218Employees Federal Income Tax Payable

219Employees State Income Tax Payable

221Retirement Savings Deductions Payable

224Federal Unemployment Tax Payable

225State Unemployment Tax Payable

226Vacation Pay Payable

227Unfunded Pension Liability

228Product Warranty Payable

EQUITY

310Owner, Capita

l311Owner, Drawing

312Income Summary

REVENUE

410Sales

610Interest Revenue

EXPENSES

510Cost of Merchandise Sold

520Salaries Expense

524Depreciation Expense-Building

525Delivery Expense

526Repairs Expense

529Selling Expenses

531Rent Expense

532Depreciation Expense-Office Equipment

533Insurance Expense

534Supplies Expense

535Payroll Tax Expense

536Vacation Pay Expense

537Pension Expense

538Cash Short and Over

539Product Warranty Expense

540Miscellaneous Expense

710Interest Expense