The following information is related to a company's pension plan:

Required:
a.Prepare the adjusting journal entry to update the pension liability.
b.Assume that instead of Accrued/Prepaid Pension Cost having a credit balance of $800, it had a $600 debit balance. Prepare the adjusting journal entry to record the pension liability.

Question

The following information is related to a company's pension plan:

Required: 
a.Prepare the adjusting journal entry to update the pension liability.
b.Assume that instead of Accrued/Prepaid Pension Cost having a credit balance of $800, it had a $600 debit balance. Prepare the adjusting journal entry to record the pension liability.

Quizplus · Accepted Answer

The Answer of The following information is related to a company's pension plan:

Required: 
a.Prepare the adjusting journal entry to update the pension liability.
b.Assume that instead of Accrued/Prepaid Pension Cost having a credit balance of $800, it had a $600 debit balance. Prepare the adjusting journal entry to record the pension liability.

The Following Information Is Related to a Company's Pension Plan