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Can some one help me with this? I need help for them Wolfe Company employer offers a bonus to its employees based on the company's
Can some one help me with this? I need help for them
Wolfe Company employer offers a bonus to its employees based on the company's annual pre-bonus net income (to be equally shared by all). This year's bonuses are estimated at $25,000_ How would the company record the year-end adjusting entry to record this benefit? O O O O O Debit Salaries Expense for $25,000 and credit Employee Bonus Expense for $25,000_ Debit Payroll Tax Expense for $25,000 and credit Payroll Taxes Payable for $25,000. Debit Income Summary for $25,000 and credit Retained Earnings for $25,000_ Debit Employee Bonus Expense for $25,000 and credit Bonus Payable for $25,000. Debit Bonus Payable for $25,000 and credit Employee Bonus Expense for $25,000_
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