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30 July, 01:00

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,

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  1. 30 July, 01:05
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    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.
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