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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 $956,000

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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 $956,000 to be paid during January of the following year. The Journal entry on December 31 to record the bonuses is: Multiple Choice Multiple Choice Debit Employee Bonus Expense $956,000 credit Accounts Receivable $956,000. No entry since the bonuses are not paid until January Debit Unearned Bonuses $956,000; credit Bonus Payable $956,000 Debit Estimated Bonus Payable $956,000; credit Cash $956,000 Debit Employee Bonus Expense $956,000 credit Bonus Payable $956,000

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