Yuri Co. operates a chain of gift shops. The company maintains a defined contribution pension plan for its employees. The plan requires quarterly installments to be paid to the funding agent, Whims Funds, by the fifteenth of the month following the end of each quarter. Assume that the pension cost is $174,700 for the quarter ended December 31. a.  Journalize the entry to record the accrued pension liability on December 31. Dec. 31   fill in the blank e66661fef043ffe_2 fill in the blank e66661fef043ffe_3     fill in the blank e66661fef043ffe_5 fill in the blank e66661fef043ffe_6 Journalize the entry to record the accrued pension liability payment to the funding agent on January 15. Jan. 15   fill in the blank cdac31fd9fc3ffd_2 fill in the blank cdac31fd9fc3ffd_3     fill in the blank cdac31fd9fc3ffd_5 fill in the blank cdac31fd9fc3ffd_6 b.   The pension plan where a company pays the employee a fixed annual amount based on a formula is a

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Payroll Entries

Payroll is a comprehensive record of employees that are paid by the company. Payroll classifies employees into various categories according to their function and pays scale (basic wage, allowance, income tax, other taxes, employee loans, etc.). Payroll processes form the bedrock of every organization as it contains sensitive information on the ‘wage and paycheck’ portion of the company’s strength—its employees. The organization needs to keep a track of the employees currently on the payroll, the net payout for the company, the record of transactions related to the employees including deductions and payroll taxes to identify the liability and its effect on the balance sheet (and other financial statements). Payroll records also include qualitative factors such as the conduct of the employee.