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**Journal Entry Exercise: Pension Payments** --- **Required Information:** At the end of the year, Loretto Company added its annual cash investment of $100,000 to its plan assets. The company’s pension expense totaled $90,000 for the year. The plan made payments totaling $30,000 to Loretto's retirees during the year. Prepare the appropriate journal entry to record the payments to its retirees. *(If no entry is required for a transaction/event, select "No Journal entry required" in the first account field.)* **Instructions:** 1. **View Transaction List** 2. **Journal Entry Worksheet** - **Task:** Record the payments to its retirees. - **Note:** Enter debits before credits. | Event | General Journal | Debit | Credit | |-------|-----------------|-------|--------| | 1 | | | | --- This exercise guides learners through the process of recording pension payments within a financial accounting framework. Completing this task involves understanding how pension-related transactions affect the company’s financial statements.

**Journal Entry Exercise: Pension Payments** --- **Required Information:** At the end of the year, Loretto Company added its annual cash investment of $100,000 to its plan assets. The company’s pension expense totaled $90,000 for the year. The plan made payments totaling $30,000 to Loretto's retirees during the year. Prepare the appropriate journal entry to record the payments to its retirees. *(If no entry is required for a transaction/event, select "No Journal entry required" in the first account field.)* **Instructions:** 1. **View Transaction List** 2. **Journal Entry Worksheet** - **Task:** Record the payments to its retirees. - **Note:** Enter debits before credits. | Event | General Journal | Debit | Credit | |-------|-----------------|-------|--------| | 1 | | | | --- This exercise guides learners through the process of recording pension payments within a financial accounting framework. Completing this task involves understanding how pension-related transactions affect the company’s financial statements.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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**Journal Entry Exercise: Pension Payments** --- **Required Information:** At the end of the year, Loretto Company added its annual cash investment of $100,000 to its plan assets. The company’s pension expense totaled $90,000 for the year. The plan made payments totaling $30,000 to Loretto's retirees during the year. Prepare the appropriate journal entry to record the payments to its retirees. *(If no entry is required for a transaction/event, select "No Journal entry required" in the first account field.)* **Instructions:** 1. **View Transaction List** 2. **Journal Entry Worksheet** - **Task:** Record the payments to its retirees. - **Note:** Enter debits before credits. | Event | General Journal | Debit | Credit | |-------|-----------------|-------|--------| | 1 | | | | --- This exercise guides learners through the process of recording pension payments within a financial accounting framework. Completing this task involves understanding how pension-related transactions affect the company’s financial statements.
Transcribed Image Text:**Journal Entry Exercise: Pension Payments** --- **Required Information:** At the end of the year, Loretto Company added its annual cash investment of $100,000 to its plan assets. The company’s pension expense totaled $90,000 for the year. The plan made payments totaling $30,000 to Loretto's retirees during the year. Prepare the appropriate journal entry to record the payments to its retirees. *(If no entry is required for a transaction/event, select "No Journal entry required" in the first account field.)* **Instructions:** 1. **View Transaction List** 2. **Journal Entry Worksheet** - **Task:** Record the payments to its retirees. - **Note:** Enter debits before credits. | Event | General Journal | Debit | Credit | |-------|-----------------|-------|--------| | 1 | | | | --- This exercise guides learners through the process of recording pension payments within a financial accounting framework. Completing this task involves understanding how pension-related transactions affect the company’s financial statements.
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