Question
The village of Welchs general government employees participate in the villages defined contribution plan. During 2019, the village made $800,000 in cash contributions to its
The village of Welchs general government employees participate in the villages defined contribution plan. During 2019, the village made $800,000 in cash contributions to its employees individual defined contribution pension retirement accounts. Based on benefit terms, the village of Welch needs to contribute an additional $100,000 during 2019, which had not been contributed by year end. Make the journal entries to (1) record the cash contributions and (2) record any required year-end accrual. (Assume all entries are made in the village of Welchs General Fund.)
To record the cash contributions.
To record the year-end accrual.
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