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The pension plan for GL Inc. requires a contribution to the plan administrator equal to 11% of employee salaries. Salaries were $575,600 for the period. The journal entry to record the pension benefit would include a Ⓒa. debit to Postretirement Benefit Expense for $63,316. b. debit to Cash for $63,316. c. credit to Salary Expense for $63,316. d. credit to Cash for $63,316.

The pension plan for GL Inc. requires a contribution to the plan administrator equal to 11% of employee salaries. Salaries were $575,600 for the period. The journal entry to record the pension benefit would include a Ⓒa. debit to Postretirement Benefit Expense for $63,316. b. debit to Cash for $63,316. c. credit to Salary Expense for $63,316. d. credit to Cash for $63,316.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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please both questions answer fast please I humble request to and no plagiarism please 

The pension plan for GL Inc. requires a contribution to the plan administrator equal to 11% of employee salaries. Salaries were $575,600 for the period. The journal entry to record the pension benefit would include a Ⓒa. debit to Postretirement Benefit Expense for $63,316. b. debit to Cash for $63,316. Ⓒc. credit to Salary Expense for $63,316. O d. credit to Cash for $63,316.
Transcribed Image Text:The pension plan for GL Inc. requires a contribution to the plan administrator equal to 11% of employee salaries. Salaries were $575,600 for the period. The journal entry to record the pension benefit would include a Ⓒa. debit to Postretirement Benefit Expense for $63,316. b. debit to Cash for $63,316. Ⓒc. credit to Salary Expense for $63,316. O d. credit to Cash for $63,316.
If a product is repaired under warranty, the seller would record a journal entry that includes a a. debit to Supplies. b. credit to Product Warranty Payable. c. debit to Product Warranty Payable. d. debit to Cash.
Transcribed Image Text:If a product is repaired under warranty, the seller would record a journal entry that includes a a. debit to Supplies. b. credit to Product Warranty Payable. c. debit to Product Warranty Payable. d. debit to Cash.
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