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