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Salary/ Pension Journal Entry Assumptions
I am in a Financial Accounting class and have been asked to write a hypothetical journal entry for a company that has paid its employees with $90,000 of salary and $15,000 of promised pension that is to be paid on the day the employees retire. (It is not stated if the employees all retire on the same day.) For the journal entry, I credited the cash account and debited salary expense and pension payable. Is this line of thinking correct? Am I making any assumptions by setting up the journal entry in this way?
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