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6: XYZ Ltd pays its employees monthly in arrears. The monthly salaries are $236,820. At the end of the 2020, all salaries had been paid
6: XYZ 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 31st December 2020: 1. To record the outstanding December salary. 2. As they would appear in the Statement of Profit and Loss. 3. As they would appear in the Statement of Financial Position
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