Martin Services Company provides its employees vacation benefits and a defined contribution pension plan. Employees earned vacation pay of $45,000 for the period. The pension plan requires a contribution to the plan administrator equal to 7% of employee salaries. Salaries were $400,000 during the period. Required: Provide the journal entries for (a) the vacation pay and (b) the pension benefit. Refer to the Chart of Accounts for exact wording of account titles.

You work as the sales manager for a company that sells office supplies to businesses of all sizes. because the profit margins are razor-thin, you need to ensure that you are getting the very best prices on paper, pencils, pens, post-it notes, and other office supplies from the manufacturers. when reviewing the quarterly profit statement, you realize that your costs are higher than they should be, and you trace the higher costs back to an employee who has been lax about getting competitive bids to ensure the lowest prices. when you conduct your research to determine the reason for the higher costs, and take action to bring those costs back down, in which of the key management processes are you taking part?