Vega Company expects to pay a 4% bonus on net income after deducting the bonus. Assume the
Question:
Vega Company expects to pay a 4% bonus on net income after deducting the bonus.
Assume the company reports net income of $130,000 before the calculation of the
bonus. The journal entry to record the accrued bonus includes
a. a debit to Employee Bonus Payable, $5,000.
b. a debit to Employee Bonus Expense, $5,200.
c. a credit to Employee Bonus Payable, $5,000.
d. a credit to Cash, $5,200.
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