Glenstorm Corporation has 20 employees who each earn $120 a day. The following information is available. 1.
Question:
1. At December 31, Glenstorm recorded vacation benefits. Each employee earned 5 vacation days during the year.
2. At December 31, Glenstorm recorded pension expense of $100,000, and made a contribution of $70,000 to the pension plan.
3. In January, 18 employees used one vacation day each.
Instructions
Prepare Glenstorm’s journal entries to record these transactions.
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
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Related Book For
Accounting Principles
ISBN: 978-0470534793
10th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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