ABC Ltd pays its employees monthly in arrears. The monthly salaries are $236,820. At the end of the 2020, all salaries had been paid except half of the December 2020 salary. Required: Show entries for the year ended 31stDecember 2020: To record the outstanding December salary. As they would appear in the Statement of Profit and Loss. As they would appear in the Statement of Financial Position
ABC Ltd pays its employees monthly in arrears. The monthly salaries are $236,820. At the end of the 2020, all salaries had been paid except half of the December 2020 salary. Required: Show entries for the year ended 31stDecember 2020: To record the outstanding December salary. As they would appear in the Statement of Profit and Loss. As they would appear in the Statement of Financial Position
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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ABC Ltd pays its employees monthly in arrears. The monthly salaries are $236,820. At the end of the 2020, all salaries had been paid except half of the December 2020 salary.
Required:
Show entries for the year ended 31stDecember 2020:
- To record the outstanding December salary.
- As they would appear in the Statement of
Profit and Loss . - As they would appear in the
Statement of Financial Position .
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