The employees of a city's Water and Sewer Enterprise Fund are participants in a defined contribution pension plan. During 2019, the city made $700,000 in cash contributions to its employees' individual defined contribution pension retirement accounts. Based on benefit terms, the city needed to contribute an additional $50,000 during 2019, which had not been contributed by year end. Make the journal entries to (a) record the cash contributions and (b) to record any required year-end accrual.

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The Answer of The employees of a city's Water and Sewer Enterprise Fund are participants in a defined contribution pension plan. During 2019, the city made $700,000 in cash contributions to its employees' individual defined contribution pension retirement accounts. Based on benefit terms, the city needed to contribute an additional $50,000 during 2019, which had not been contributed by year end. Make the journal entries to (a) record the cash contributions and (b) to record any required year-end accrual.

The Employees of a City's Water and Sewer Enterprise Fund