Accounting Mystery Tip

The following is a Generic Walk Through For Pension Expense and Other Funding and Payments for PBOs and Planned Assets Journal Entries: 

• Dr. Pension Expense
• Dr. Plan Assets
• Dr. Amortization of Net Gains - OCI 
• Cr. PBOs
• Cr. Amortiztion of Prior Service costs - OCI
• Cr. Amortization of Net Losses - OCI

 

• Dr. Loss - OCI
• Cr. Planned Assets or 
• Dr. Planned Assets 
• Cr. Gain - OCI ​

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• Dr. Planned Assets (Cash Contributions)
• Cr. Cash 

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• Dr. PBO (Benefit Payments to Retirees)
• Cr. Planned Assets