Below Are Two Independent Sets of Transactions for Welcott Company:​

question 55

Essay

Below are two independent sets of transactions for Welcott Company:​
(a) Welcott provides its employees with varying amounts of vacation per year, depending on the length of employment. The estimated amount of the current year's vacation pay is $78,000. Journalize the adjusting entry required on January 31, the end of the first month of the year, to record the accrued vacation pay.​
(b) Welcott maintains a defined contribution pension plan for its employees. The plan requires quarterly installments to be paid to the funding agent, Northern Trust, by the fifteenth of the month following the end of each quarter. Assuming that the pension cost is $119,600 for the quarter ended December 31, journalize entries to record
(1) the accrued pension liability on December 31 and
(2) the payment to the funding agent on January 15.

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Definitions:

Excitatory Postsynaptic Potential

A temporary increase in postsynaptic membrane potential due to the flow of positively charged ions into the postsynaptic cell, making it more likely for the neuron to fire an action potential.

Postsynaptic Neuron

A neuron that receives a signal (via neurotransmitter molecules) from another neuron at a synapse.

Inhibitory Postsynaptic Potential

A decrease in the potential of the postsynaptic neuronal membrane, making it less likely to generate an action potential.

Resting Potential

Resting potential refers to the electric potential difference across the neuronal membrane when the neuron is not actively sending a signal.