Exercise 3-5 (Static) Adjusting and paying accrued expenses LO P3 a. On April 1, the company hired an attorney for a flat monthly fee of $3,500. Payment for April legal services was made by the company on May 12. b. As of April 30, $3,000 of interest expense has accrued on a note payable. The full interest payment of $9,000 on the note is due on May 20. 150 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. K P PELS

Exercise 3.5 (Static) Adjusting and paying accrued expenses LO P3 a. On April 1, the company hired an attorney for a flat monthly fee of $3,500. Payment for April legal services was made by the compony on May 12. b. As of April 30, $3,000 of interest expense has accrued on a note payable. The full interest payment of $9,000 on the note is due. on May 20 . c. Total weekly salaries expense for all employees is $10,000. This amount is pald 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