According to a Summary of the Payroll of Scotland Company,total

question 74

Multiple Choice

According to a summary of the payroll of Scotland Company,total salaries were $500,000.Assume that social security taxes are payable at a 6% rate and Medicare taxes are payable at a 1.5% rate with no maximum earnings.Federal income tax withheld was $98,000.Also,$15,000 was subject to state (4.2%) and federal (0.8%) unemployment taxes.The journal entry to record accrued salaries would include a ​

• A) debit to Salaries Payable of $365,250
• B) credit to Salaries Payable of $364,500
• C) debit to Salaries Expense of $364,500
• D) credit to Salaries Expense of $365,250

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