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:

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: Multiple Choice Debit Employee Bonus Expense $954,000 credit Prepaid Employee Bonus $954.000 O O Debit Uneamed Bonuses $954,000; credit Bonus Payable $954,000. o No entry since the bonuses are not paid until January o Debit Estimated Bonus Payable $954.000, credit Cash $954000 o o Debit Employee Bonus Expense $954,000 credit Bonus Payable $954.000