Martin Services Company provides its employees vacation benefits and a defined contribution pension plan. Employees earned vacation pay of $42,000 for the period. The pension plan requires a contribution to the plan administrator equal to 6% of employee salaries. Salaries were $400,000 during the period. a.  Provide the journal entry for the vacation pay. If an amount box does not require an entry, leave it blank.                 b.  Provide the journal entry for the pension benefit. If an amount box does not require an entry, leave it blank.

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Employee Benefits

In an organization employees are the most important resource and most important asset. They can lead an organization to the sky or can be the reason for unsuccessful of business. Therefore, it is very much important that employees of an organization should be satisfied by the environment of the organization and most importantly with the salary, wages incentives, etc.