On December 31, 2018, an entity paid $300,000 contribution to a defined contribution plan. Of this amount, P250,000 is in part exchange for services performed by the employees in December 2017, and the balance of P50,000 is in respect of services to be performed in 2018. What is the journal entry of the defined contribution plan made on December 2017?
On December 31, 2018, an entity paid $300,000 contribution to a defined contribution plan. Of this amount, P250,000 is in part exchange for services performed by the employees in December 2017, and the balance of P50,000 is in respect of services to be performed in 2018. What is the journal entry of the defined contribution plan made on December 2017?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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On December 31, 2018, an entity paid $300,000 contribution to a defined contribution plan. Of this amount, P250,000 is in part exchange for services performed by the employees in December 2017, and the balance of P50,000 is in respect of services to be performed in 2018. What is the
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