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Exercise 3-3 Adjusting and paying accrued expenses LO P3 a. On April 1, the company hired an attorney for a flat monthly fee of $1,000.
Exercise 3-3 Adjusting and paying accrued expenses LO P3 a. On April 1, the company hired an attorney for a flat monthly fee of $1,000. Payment for April legal services was made by the company on May 12 b. As of April 30, $1,662 of interest expense has accrued on a note payable. The full interest payment of $4.987 on the note is due on May 20. 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 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 SER NO Date General Journal Credit Debit 1,000 1 Apr 30 1,000 Legal services expense Legal services payable Legal services payable Cash 1,000 1.000 Save Exercise 3-5 Preparing adjusting entries accrued revenues and expenses LO P3, P4 Check my KABR Company provided $3,400 in services to customers in December. Those customers are expected to pay the company sometime in January following the company's year end 1. Wage expenses or Ive been incurred but are not paid as of December 31 c. MER Company has 400 bank loan and has incurred (but not recorded) 6% interest expense of $384 for the year ended December 31. The company will pay the 3384 interest in cash on January 2 following the company's year end d. M&R Company hired afum that provided lawn services during December for 5610 MGR will pay for December low services on January 15 following the company yearend, e. M&R Company has earned $.140 in interest revenue from investments for the year ended December 31. The interest revenue will be received on January 15 following the company year-end Salary expenses of $1040 have been earned by supervisors but not paid as of December 31 the above separate coses Prepare year-end adjusting journal entries for MER Company as of December 31 for each View transaction list Journal entry worksheet 4 5 5 Journal entry worksheet
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