Exercise 3-8 (Static) Adjusting and paying accrued expenses LO P3 a. On April 1, the company hired an attorney for April for a flat 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 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 workwook 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 Apni 30 adjusting entry and the subsequent entry during May to record payment of the accrued expenses. View transaction list Journal entry worksheet On April 1, the company hired an attorney for April for a flat fee of $3,500. Payment for April legal services was made by the company on May 12. Prepare the required adjusting entry, if any. 47 Note: Enter debits before credits Journal entry worksheet 1 2 3 4 5 6 On April 1, the company hired an attorney for April for a flat 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. Date General Journal Debit Credit April 30 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 Journal entry worksheet 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. Prepare the required adjusting entry, if any. Note: Enter debits before credits. Date General Journal Debit Credit April 30 Record entry Clear entry View general journal Journal entry worksheet Record the payment of salaries. Note: Enter debits before credits. General Journal Debit Date May 03 Credit Record entry Clear entry View general journal Required information Use the following information for Exercises 13-14 below. (Algo) [The following information applies to the questions displayed below.) The transactions of Spade Company appear below. a. K. Spade, owner, invested $11,250 cash in the company in exchange for common stock b. The company purchased supplies for $326 cash c. The company purchased $6.221 of equipment on credit. d. The company received $1,328 cash for services provided to a customer. e. The company paid $6,221 cash to settle the payable for the equipment purchased in transactionc f. The company billed a customer $2.385 for services provided. g. The company paid $515 cash for the monthly rent h. The company collected $1,002 cash as partial payment for the account receivable created in transaction / i. The company paid a $1,100 cash dividend to the owner (sole shareholder). kercise 2-14 (Algo) Preparing a trial balance LO P1 epare the Trial Balance. Use May 31 as its report date. (Hint: Accounts must be listed in financial statement order: lowed by liabilities, equity, revenues and expenses.) SPADE COMPANY Trial Balance S Exercise 2-14 (Algo) Preparing a trial balance LO P1 Prepare the Trial Balance. Use May 31 as its report date. (Hint: Accounts must be listed in financial statement order: Assets first, followed by liabilities, equity, revenues and expenses.) SPADE COMPANY Trial Balance May 31 Debit Credit Accounts payable S 0 ng Totals $ 0 $ 0