Borrachero Company has two fringe benefit plans for its employees: 1. It grants employees 2 days vacation
Question:
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 $120 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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Related Book For
Accounting Principles
ISBN: 978-0470534793
10th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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