Business, 31.07.2020 17:01 mucciak8356

Martin Services Company provides its employees vacation benefits and a defined contribution pension plan. Employees earned vacation pay of $42,000 for the period. The pension plan requires a contribution to the plan administrator equal to 10% of employee salaries. Salaries were $500,000 during the period. Provide the journal entries for (a) the vacation pay and (b) the pension benefit. Provide journal entry for the vacation pay on December 31.
JOURNAL
DATE DESCRIPTION POST. REF. DEBIT CREDIT
1
2
Provide journal entry for the pension benefit on December 31. Refer to the Chart of Accounts for exact wording of account titles.
JOURNAL
DATE DESCRIPTION POST. REF. DEBIT CREDIT
1
2

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