Podsednik Corporation has 20 employees who each earn $140 a day. The following information is available. 1.

Question:

Podsednik has 20 employees who each earn $140 a day. The following information is available.
1. At December 31, Podsednik recorded vacation benefits. Each employee earned 5 vacation days during the year.
2. At December 31, Podsednik 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 Podsednik’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...