1.

1. value: 3.33 points Springfield Company offers a bonus plan to its employees and the amount of the employee bonuses for the current year is estimated to be $954,000 to be paid during January of the following year. The journal entry on December 31 to record the bonuses is: Debit Employee Bonus Expense $954,000; credit Prepaid Employee Bonus $954,000. Debit Unearned Bonuses $954,000; credit Bonus Payable $954,000. Debit Employee Bonus Expense $954,000; credit Bonus Payable $954,000. O Debit Estimated Bonus Payable $954,000; credit Cash $954,000. No entry since the bonuses are not paid until January