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Record the employee bonus payable

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Problem 1: Venus Company plans to pay its staff a bonus equal to 5% of the company's net income. Venus estimates to earn an income of $280,000. Record the employee bonus payable.

Select one:

a. Debit Employee Bonus Expense $7,000, Credit Accounts Payable $7,000
b. Debit Employee Bonus Payable $14,000, Credit Cash $14,000
c. Debit Employee Bonus Expense $14,000, Credit Employee Bonus Payable $14,000
d. Debit Employee Bonus Payable $7,000, Credit Accounts Payable $7,000

Reference no: EM132696916

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