Serenity Corporation has 20 employees who each earn $120 a day. The following information is available. 1.

Question:

Serenity Corporation has 20 employees who each earn $120 a day. The following information is available.

1. At December 31, Serenity recorded vacation benefits. Each employee earned 5 vacation days during the year.

2. At December 31, Serenity 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 Serenity’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...