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On December 15, 2020, the board of directors of Limited Label Inc. approved a bonus payout of $112,000 to executives, based upon services performed in

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On December 15, 2020, the board of directors of Limited Label Inc. approved a bonus payout of $112,000 to executives, based upon services performed in 2020. The bonus is payable on January 25, 2021. Record the entries required on (a) December 15, 2020, and (b) January 25, 2021. Date Account Name Cr. a. Dec. 15, 2020 0 0 Dr. 0 0 b. Jan. 25, 2021 0 0 0 0

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