Question

Mayberry Company has two fringe benefit plans for its employees:
1. It grants employees 2 days’ vacation for each month worked. Ten employees worked the entire month of March at an average daily wage of $140 per employee.
2. In its pension plan, the company recognizes 10% of gross earnings as a pension expense. Gross earnings in March were $40,000. No contribution has been made to the pension fund.

Instructions
Prepare the adjusting entries at March 31.



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  • CreatedJanuary 30, 2014
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