Martin Services Company provides its employees vacation benefits and a defined contribution pension plan. Employees earned vacation pay of $45,000 for the period. The pension plan requires a contribution to the plan administrator equal to 7% of employee salaries. Salaries were $400,000 during the period. Required: Provide the journal entries for (a) the vacation pay and (b) the pension benefit. Refer to the Chart of Accounts for exact wording of account titles.
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