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3 years ago

10

Regling Company provides its employees vacation benefits and a defined benefit pension plan. Employees earned vacation pay of $4

0,000 for the period. The pension formula calculated a pension cost of $222,750. Only $185,000 was contributed to the pension plan administrator.
Required:
Journalize the entry to record the:

a. vacation pay
b. pension benefit.

1 answer:

Leto [7]3 years ago

8 0

Answer:

A.

Dr Vacation pay expenses $40,000

Cr Vacation pay payable $40,000

B.

Dr Pension expenses $222,750

Cr Cash $185,000

Cr Unfunded pension liability $37,750

Explanation:

Regling Company Journal entries

A.

Dr Vacation pay expenses $40,000

Cr Vacation pay payable $40,000

B.

Dr Pension expenses $222,750

Cr Cash $185,000

Cr Unfunded Pension liability $37,750

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