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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.

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Answer #1
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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