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Martin Services Company provides its employees vacation benefits and a defined contribution pension plan. Employees earned vacation pay of $47,000 for the period. The pension
Martin Services Company provides its employees vacation benefits and a defined contribution pension plan. Employees earned vacation pay of $47,000 for the period. The pension plan requires a contribution to the plan administrator equal to 8% of employee salaries. Salaries were $400,000 during the period.
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a. Provide the journal entry for the vacation pay. If an amount box does not require an entry, leave it blank.
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Question Content Area
b. Provide the journal entry for the pension benefit. If an amount box does not require an entry, leave it blank.
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