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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

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 payment of salaries on Jan 7 assuming a reversing entry is not made.

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