Register
For the year ended December BL 2017, Lopez Company has implemented an employee bonus program based on Lopez’snet income, which employees will share equally. Lopez‘s bonus expense is computed as $14,5611.
153k views
5 votes
For the year ended December BL 2017, Lopez Company has implemented an employee bonus program based on Lopez’snet income, which employees will share equally. Lopez‘s bonus expense is computed as $14,5611. Prepare the journal entry at December 31, 2017, to record the bonus due the employees.2 Prepare the journal entry at January 19, 2018, to record payment of the bonus to employees,

User Masa Sakano
by
5.8k points

1 Answer

2 votes

Answer: Net income Dr $14,5611

Bonus payable CR 14,5611

Narration. Bonus expenses payable to staff

Employee Bonus account Dr 14,5611

Bank/Cash CR. 14.5611

Narration. Payment of employees bonus for previous year.

User Sayyid J
by
5.8k points
Ask a Question
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

6.2m questions

8.2m answers

Other Questions

Why do objects used as money need to be in limited supply
When a producer owns an intermediary at the next level down in the marketing channel, it is referred to as _________. a. forward integration b. backward integration c. vertical channel connection d. horizontal
Describe a time when you or someone you know chose not to conform to the behavior of others. Why do you think this person chose not to conform
An owner decides to sell his property and discovers that there is a lien on his title for a swimming pool he paid off 10 years ago. the pool company is out of business. what is the owner to do?
Your grandfather invested $1,000 in a stock 36 years ago. currently the value of his account is $318,000. what is his geometric return over this period?
Link Copied!