Exercise 3-5 (Algo) Adjusting and paying accrued expenses LO P3 a. On April 1, the company hired an attorney for a flat monthly fee of $1,500. Payment for April legal services was made by the company on May 12. b. As of April 30, $1,797 of interest expense has accrued on a note payable. The full interest payment of $5,390 on the note is due on May 20. c. Total weekly salaries expense for all employees is $8,000. 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 Journal entry worksheet 1 2 3 4 5 6 On April 1, the company hired an attorney for a flat monthly fee of $1,500. 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. Datel Apr 30 General Journal Debit Credit View transaction list Journal entry worksheet < 1 2 3 4 5 6 On April 1, the company hired an attorney for a flat monthly fee of $1,500. 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. Date Apr 30 General Journal Debit Credit Record entry Clear entry View general journal View transaction list Journal entry worksheet < 1 3 4 5 6 Record the payment of legal fees. Note: Enter debits before credits. Date May 12 General Journal Debit Credit Record entry Clear entry View general journal round intermediate calculations.) View transaction list Journal entry worksheet < 1 2 4 5 6 As of April 30, $1,797 of interest expense has accrued on a note payable. The full interest payment of $5,390 on the note is due on May 20. Prepare the required adjusting entry, if any. Note: Enter debits before credits. Date Apr 30 General Journal Debit Credit Record entry Clear entry View general journal View transaction list Journal entry worksheet < 1 2 3 Record the payment of interest. Note: Enter debits before credits. Date May 20 5 6 General Journal Debit Credit Record entry Clear entry View general journal View transaction list Journal entry worksheet < 1 2 3 4 5 6 Total weekly salaries expense for all employees is $8,000. This amount is paid at the end of the day on Friday of each five-ay workweek. April 30 falls on Tuesday, which means that the employees had worked two days since the last payday. The next payday is May 3. Prepare the required adjusting entry, if any. Note: Enter debits before credits. Date Apr 30 General Journal Debit Credit Record entry Clear entry View general journal View transaction list Journal entry worksheet < 1 2 3 4 5 Record the payment of salaries. Note: Enter debits before credits. Date May 03 General Journal Debit Credit Record entry Clear entry View general journal