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QUESTION 3 According to a summary of the payroll of Scotland Company, total salaries were $500,000. Assume that social security taxes are payable at a

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QUESTION 3 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 camings. Federal income tax withheld was $98,000. Also, $15,000 was subject to state (5.4%) and federal (0.8%) unemployment taxes. The journal entry to record accrued salaries would include a a. credit to Salaries Payable of 5364,500 b. debit to Salaries Expense of 5364,500 C. credit to Salaries Expense of $365,250 d. debit to Salarics Payable of S365,250 AINEETINALA

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