Jen and Bennys Ice Cream offers a defined-contribution plan to its employees. Under the terms of the

Question:

Jen and Benny’s Ice Cream offers a defined-contribution plan to its employees. Under the terms of the plan, Jen and Benny must contribute 2% of its employees’ salaries. Prepare the journal entry required to record the cost of this plan, assuming that total salaries for the year are equal to $ 875,000 and that the sponsor contributes the full amount due under the plan. 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...