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What journal entry to record accrued salaries would include

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Problem 1: 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 (5.4%) and federal (0.8%) unemployment taxes. The journal entry to record accrued salaries would include a ?

Option 1: credit to Salaries Payable of $364,500
Option 2: debit to Salaries Expense of $364,500
Option 3: debit to Salaries Payable of $365,250
Option 4: debit to Salaries Payable of $365,250

Reference no: EM132811372

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