Martin Services Company provides its employees vacation benefits and a defined contribution pension plan. Employees earned vacation pay of $40,000 for the period. The pension plan requires a contribution to the plan administrator equal to 10% of employee salaries. Salaries were $500,000 during the period. a.  Provide the journal entry for the vacation pay. If an amount box does not require an entry, leave it blank.   Vacation Pay Expense  fill in the blank 5e6293fdafbafdb_2 fill in the blank 5e6293fdafbafdb_3   Vacation Pay Payable  fill in the blank 5e6293fdafbafdb_5 fill in the blank 5e6293fdafbafdb_6 b.  Provide the journal entry for the pension benefit. If an amount box does not require an entry, leave it blank.   Pension Expense  fill in the blank 30546afde038fc5_2 fill in the blank 30546afde038fc5_3   Cash  fill in the blank 30546afde038fc5_5 fill in the blank 30546afde038fc5_6

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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.