ABC Ltd pays its employees monthly in arrears. The monthly salaries are $236,820. At the end of

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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 31^stDecember 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.

Posted Date: Oct 08, 2021 04:47 AM

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ABC Ltd pays its employees monthly in arrears. The monthly salaries are $236,820. At the end of

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Expert Answer:

Step 1 Journal entry for salary out standing Date Entry Debit C... View the full answer

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