Springfield Company offers a bonus plan to its employees and the amount of the employee bonuses for the current year is estimated to be $955,000 to be paid during January of the following year. The journal entry on December 31 to record the bonuses is:

A) Debit Employee Bonus Expense $955,000; credit Accounts Receivable $955,000. B) Debit Employee Bonus Expense $955,000; credit Bonus Payable $955,000. C) No entry since the bonuses are not paid until January. D) Debit Estimated Bonus Payable $955,000; credit Cash $955,000. E) Debit Unearned Bonuses $955,000; credit Bonus Payable $955,000.