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Springfield Company offers a bonus plan to its employees and the amount of the employee bonuses for the current year is estimated to be $968,000

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Springfield Company offers a bonus plan to its employees and the amount of the employee bonuses for the current year is estimated to be $968,000 to be paid during January of the following year. The joumal entry on December 31 to record the bonuses is: Multiple Choice Debit Uneamed Bonuses $968,000, credit Bonus Payable $968,000 Debit Employee Bonus Expense $968,000 credit Bonus Payable $968,000 No entry since the bonuses are not paid until January Debit Estimated Bonus Payable $968,000 credit Cash $968,000 Debit Employee Bonus Expense $068,000; credit Prepaid Employee Blonus $968,000

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