Wang Equipment Company provides its employees vacation benefits and a defined benefit pension plan. Employees earned vacation
Question:
Wang Equipment Company provides its employees vacation benefits and a defined benefit pension plan. Employees earned vacation pay of $42,000 for the period. The pension formula calculated a pension cost of $273,000. Only $210,000 was contributed to the pension plan administrator.
Provide the journal entry for the
(a) Vacation pay and
(b) Pension benefit.
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a Vacation Pay Expense 42000 Vacation Pay Pa...View the full answer
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Somshukla Chakraborty
I have a teaching experience of more than 4 years by now in diverse subjects like History,Geography,Political Science,Sociology,Business Enterprise,Economics,Environmental Management etc.I teach students from classes 9-12 and undergraduate students.I boards I handle are IB,IGCSE, state boards,ICSE, CBSE.I am passionate about teaching.Full satisfaction of the students is my main goal.
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