Legaspi SpA 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 €96 per employee.
2. It has a defined contribution pension plan in which the company contributes 8% of gross earnings. Gross earnings in March were €30,000. The payment to the pension fund has not been made.
Instructions
Prepare the adjusting entries at March 31.