Molecular dynamics simulations have been performed to study frictional slip and its influence on energy dissipation and momentum transfer at atomically smooth solid/water interfaces. By modifying the surface chemistry, we investigate the relationship between slip and the mechanical response of a vibrating solid for both hydrophilic and hydrophobic surfaces. We discover physical phenomena that emerge at high frequencies and that have significant contributions to energy dissipation. A new analytical model is developed to describe the mechanical response of the resonators in this high-frequency regime, which is relevant in such applications as microelectromechanical-system-based biosensors. We find a linear relationship between the slip length and the ratio of the damping rate shift to the resonant frequency shift, which provides a new way to obtain information about the slip length from experiments.