Silicon Chip Company's fiscal year-end is December 31. At the end of 2021, it owed employees $24,000
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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.
1) Record the accrued salaries as of 12/31
2) Record the reversing entry on 1/1.
3) Record the payment of salaries on Jan 7
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