Question: homework help! Please answer asap, my homework is timed and I always mess up the debit/credit placements. Paramount, Inc. decided to reward its employees with

homework help! Please answer asap, my homework is timed and I always mess up the debit/credit placements.

Paramount, Inc. decided to reward its employees with a bonus of 7% on annual net income, after deducting the bonus. The company reported net income of $513,600 before the calculation of the bonus. Prepare the journal entry to accrue employee bonus expense. (What accounts do you debit and credit and what are the amounts)

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