Mayaguez
Corporation pays its officers bonuses based on income. For 2011, the bonuses
total $350,000 and are paid on February 15, 2012. Prepare Mayaguez’s December
31, 2011 adjusting entry and the February 15, 2012 entry.
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12/31/11
|
Employees’ Bonus Expense..............
|
350,000
|
|
|
|
Bonus
Payable....................
|
|
350,000
|
|
|
|
|
|
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2/15/12
|
Bonus Payable.................. Payable
|
350,000
|
|
|
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Cash.............................
|
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350,000
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