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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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