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Vacation pay and pension benefits

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Vacation pay and pension benefits

Lutes Company provides its employees with vacation benefits and a defined contribution pension plan. Employees earned vacation pay of $25,500 for the period. The pension plan requires a contribution to the plan administrator equal to 8% of employee salaries. Salaries were $340,000 during the period.

Provide the journal entry for the (a) vacation pay and (b) pension benefit.

Reference no: EM13533195

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