According to a summary of the payroll of Scotland Company, $450,000 was subject to the 6.0% social security tax and $500,000 was subject 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 to record accrued salaries would include a O a. debit to Salaries Payable of $450,000 O b. debit to Salaries Expense of $500,000 Oc. credit to Salaries Payable of $500,000 O d. credit to Salaries Expense of $450,000

According to a summary of the payroll of Scotland Company, $450,000 was subject to the 6.0% social security tax and $500,000 was subject 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 to record accrued salaries would include a O a. debit to Salaries Payable of $450,000 O b. debit to Salaries Expense of $500,000 Oc. credit to Salaries Payable of $500,000 O d. credit to Salaries Expense of $450,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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