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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 u

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Journal

Date Account name Debit Credit
a Dec. 15, 2020 Bonus expense 112,000
Bonus payable 112,000
b Jan. 25, 2021 Bonus payable 112,000
Cash 112,000

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