Vacation Pay and Pension Benefits Putnam Company provides its employees with vacation benefits and a defined contribution pension plan. Employees earned vacation pay of $40,700 for the period. The pen...
Vacation Pay and Pension Benefits Putnam Company provides its employees with vacation benefits and a defined contribution pension plan. Employees earned vacation pay of $40,700 for the period. The pension plan requires a contribution to the plan administrator equal to 9% of employee salaries. Salaries were $435,000 during the period, and the full amount due was contributed to the pension plan administrator. Required: (a) Provide the journal entry for the vacation pay. (b) Provide the journal entry for the pension benefit.
Homework Answers
| No. | Accounts | Debit | Credit |
| a | Vacation pay expense | $40700 | |
| Vacation pay payable | $40700 | ||
| b | Pension expense (435000*9%) | 39150 | |
| Pension benefits payable | 39150 |
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