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Record the accrued salaries

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Question - Silicon Chip Company's fiscal year-end is December 31. At the end of 2021, it owed employees $24,000 in salaries that will be paid on January 7, 2022.

Required -

1) Record the accrued salaries as of 12/31.

2) Record the payment of salaries on Jan 7 assuming a reversing entry is not made.

Reference no: EM132873573

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