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Question
According to a summary of the payroll of Scotland Company, $500,000 was subject to the 6.0% social security tax and to the 1.5% Medicare tax. 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 for the accrued salaries would include a
a. debit to Salaries Payable for $313,000
b. credit to Salaries Payable for $364,500
c. debit to Salaries Expense for $364,500
d. credit to Salaries Expense for $313,000
Answer
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