DTI has a profit sharing plan. After a call to the pension company, you learn...
60.1K
Verified Solution
Link Copied!
Question
Accounting
DTI has a profit sharing plan. After a call to the pension company, you learn the amount of the retirement plan contribution for 2021 is $195,502. The pension is deductible in 2021, but most of it will be funded by the company in 2022. DTI has recorded an estimate of this expense and paid a small part of it during the year, but you must adjust the expense to the correct amount. The adjusting journal entry will be sent to DTI for it to record.
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
