Chapter 6 Journal Entries Flashcards
Pension Plan Contributions
DR: Pension Benefit Asset/Liability
CR: Cash
Prior Service Cost Recognition
DR: OCI
CR: Pension Benefit Asset/Liability
Record Deferred Tax Asset from Prior Service Cost
DR: Deferred Tax Asset
CR: Deferred Tax Benefit - OCI
Amortization of Prior Service Cost
DR: Net Periodic Pension Cost
CR: OCI
Use of Deferred Tax Asset from Amortization of Prior Service Cost
DR: Deferred Tax Benefit - OCI
CR: Deferred Tax Benefit - I/S
Pension Gain Recognition
DR: Pension Benefit Asset/Liability
CR: OCI
Deferred Tax Liability from Pension Gain
DR: Deferred Tax Expense - OCI
CR: Deferred Tax Liability
Amortization of Pension Gain
DR: OCI
CR: Net Periodic Pension Cost
Use of Deferred Tax Expense from Amortization of Pension Gain
DR: Deferred Tax Expense - I/S
CR: Deferred Tax Expense - OCI
Severance Accrual
DR: Severance Expense
CR: Severance Liability
Income Tax Accrual
DR: Income Tax Expense
CR: Income Tax Liability
Record Income Taxes with Deferred Expense Due to Temporary Differences
DR: Income Tax Expense - Current
DR: Income Tax Expense - Deferred
CR: Deferred Tax Liability
CR: Income Tax Payable
Reversal of Deferred Tax Liability
DR: Deferred Tax Liability
CR: Income Tax Benefit - Deferred
Record Income Taxes with Deferred Asset Due to Temporary Differences
DR: Deferred Tax Asset
DR: Income Tax Expense- Current
CR: Income Tax Payable
CR: Income Tax Benefit - Deferred
Reversal of Deferred Tax Asset
DR: Income Tax Expense- Deferred
CR: Deferred Tax Asset
