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Provide the journal entry for the vacation pay

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Reference no: EM132465288

Vacation Pay and Pension Benefits

  • Osterman Company provides its employees with vacation benefits and a defined contribution pension plan. Employees earned vacation pay of $25,900 for the period. The pension plan requires a contribution to the plan administrator equal to 8% of employee salaries. Salaries were $277,000 during the period, and the full amount due was contributed to the pension plan administrator.

Required:

Question (a) Provide the journal entry for the vacation pay.

Question (b) Provide the journal entry for the pension benefit.

Reference no: EM132465288

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