Exercise 3-2 Adjusting and paying accrued expenses LO P1 a. On April 1, the company retained an attorney for a flat monthly fee of $3,500. Payment for April legal services was made by the company on May 12 b. A $900,000 note payable requires 12% annual interest, or $9,000, to be paid at the 20th day of each month. The interest was last paid on April 20, and the next payment is due on May 20. As of April 30, $3,000 of interest expense has accrued. c. Total weekly salaries expense for all employees is $10,000. 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. The subsequent entry during May to record payment of the accrued expenses. ces View transaction list Journal entry worksheet On April 1, the company retained an attorney for a flat monthly fee of $3,500. Payment for April legal services was made by the company on May 12. Prepare the required adjusting entry, if any. Note: Enter debits before credits General Journal Debit Credit Date Apr 30 Record entry Clear entry View general journal Exercise 3-2 Adjusting and paying accrued expenses LO P1 5 a. On April 1, the company retained an attorney for a flat monthly fee of $3,500. Payment for April legal services was made by the company on May 12 b. A $900,000 note payable requires 12% annual interest, or $9,000, to be paid at the 20th day of each month. The interest was last paid on April 20, and the next payment is due on May 20. As of April 30, $3,000 of interest expense has accrued. c. Total weekly salaries expense for all employees is $10,000. 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. eBook Hint The above three separate situations require adjusting journal entries to prepare financial statements as of April 30. For each situation, present both: Print The April 30 adjusting entry The subsequent entry during May to record payment of the accrued expenses. References View transaction list Journal entry worksheet Record the payment of legal fees. Note: Enter debits before credits Date General Journal Debit Credit May 12 Record entry Clear entry View general journal 9 Exercise 3-2 Adjusting and paying accrued expenses LO P1 1 points a. On April 1, the company retained an attorney for a flat monthly fee of $3,500. Payment for April legal services was made by the company on May 12 b. A $900,000 note payable requires 12% annual interest, or $9.000, to be paid at the 20th day of each month. The interest was last paid on April 20, and the next payment is due on May 20. As of April 30, $3,000 of interest expense has accrued. c. Total weekly salaries expense for all employees is $10,000. 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. eBook 00 Hint The above three separate situations require adjusting journal entries to prepare financial statements as of April 30. For each situation, present both Print The April 30 adjusting entry . The subsequent entry during May to record payment of the accrued expenses. References View transaction list Journal entry worksheet A $900,000 note payable requires 12% annual interest, or $9,000, to be paid at the 20th day of each month. The interest was last paid on April 20 and the next payment is due on May 20. As of April 30, $3,000 of interest expense has accrued. Prepare the required adjusting entry, if any. Note: Enter debits before credits wwwwwwwww General Journal Debit Credit Date Apr 30 Record entry Clear entry View general journal Exercise 3-2 Adjusting and paying accrued expenses LO P1 a. On April 1, the company retained an attorney for a flat monthly fee of $3,500. Payment for April legal services was made by the company on May 12 b. A $900,000 note payable requires 12% annual interest, or $9,000, to be paid at the 20th day of each month. The interest was last paid on April 20, and the next payment is due on May 20. As of April 30, $3,000 of interest expense has accrued. c. Total weekly salaries expense for all employees is $10,000. 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 The subsequent entry during May to record payment of the accrued expenses. View ansaction list Journal entry worksheet 4 5 6 Record the payment of interest. Note: Enter debits before credits. Date General Journal Debit Credit May 20 Record entry Clear entry View general Journal Exercise 3-2 Adjusting and paying accrued expenses LO P1 s a. On April 1, the company retained an attorney for a flat monthly fee of $3,500. Payment for April legal services was made by the company on May 12 b. A $900,000 note payable requires 12% annual interest, or $9,000, to be paid at the 20th day of each month. The interest was last paid on April 20, and the next payment is due on May 20. As of April 30, $3,000 of interest expense has accrued. c. Total weekly salaries expense for all employees is $10,000. 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 eBook Hint The above three separate situations require adjusting journal entries to prepare financial statements as of April 30. For each situation, present both Print The April 30 adjusting entry. . The subsequent entry during May to record payment of the accrued expenses. References View transaction list Journal entry worksheet