Yuri Co. operates a chain of gift shops. The company maintains a defined contribution pension plan for its employees. The plan requires quarterly installments to be paid to the funding agent, Whims Funds, by the fifteenth of the month following the end of each quarter. Assume that the pension cost is $365,000 the quarter ended December 31
Journalize the entry to record the accrued pension liability payment to the funding agent on January 15.

The promise to pay benefits is known as the liability; it is a formal financial word that denotes a moral and legal duty to fulfill a retirement benefit promise.

The benefits that have been promised by the pension plan and the government that established the pension plan must be paid; as a result, those promises constitute liabilities.

The liabilities on a pension plan are -

The reserves that pension plans have set up to meet their future payment commitments to policyholders make up the majority of the liabilities.
The equity in pension funds, loans taken out, and other debts are also considered liabilities.
The investments of the paid premiums and other liabilities are displayed in the assets.

The pension expense includes-

Pension expense is the sum that a company deducts from revenue in order to cover its obligations for employee pension liabilities.
Whether the underlying pension is a defined benefit plan or a defined contribution plan affects the cost of this payment.

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