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a. On April 1, the company hired an attorney for April for a flat fee of $2,500. Payment for April legal services was made
a. On April 1, the company hired an attorney for April for a flat fee of $2,500. Payment for April legal services was made by the company on May 12. b. As of April 30, $1,723 of interest expense has accrued on a note payable. The full interest payment of $5,170 on the note is due on May 20. c. Total weekly salaries expense for all employees is $15,000. This amount is paid at the end of the day on Friday of each five-day workweek. April 30 falls on a Tuesday, which means that the employees had worked two days since the last payday. The next payday is May 3. The above three separate situations require adjusting journal entries to prepare financial statements as of April 30. For each situation, present both the April 30 adjusting entry and the subsequent entry during May to record payment of the accrued expenses. (Do not round intermediate calculations.) View transaction list View journal entry worksheet No Dato General Journal 1 April 30 Legal services expense Legal services payable 2 May 12 Legal services payable Cash 3 April 30 Interest expense Interest payable 7 4 May 201 Interest expense Debit Credit 2,500 2,500 2,500 2.500 1,723 1,723 on May 12. www.ycwy we b. As of April 30, $1,723 of interest expense has accrued on a note payable. The full interest payment of $5,170 on the note is due on May 20. c. Total weekly salaries expense for all employees is $15,000. This amount is paid at the end of the day on Friday of each five-day workweek. April 30 falls on a Tuesday, which means that the employees had worked two days since the last payday. The next payday is May 3. The above three separate situations require adjusting journal entries to prepare financial statements as of April 30. For each situation, present both the April 30 adjusting entry and the subsequent entry during May to record payment of the accrued expenses. (Do not round intermediate calculations.) View transaction list View journal entry worksheet No Date General Journal 1 April 30 Legal services expense Legal services payable 2 May 12 Legal services payable Cash 3 April 30 Interest expense Interest payable 4 May 20 Interest expense Debit Credit 2,500 2,500 2,500 2,500 1.723 1,723
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