Return to que: Exercise 3-5 Adjusting and paying accrued expenses LO A1, P1 a. On April 1, the company retained an attorney for a flat monthly fee of $2,000. Payment for April legal services was made by the company on May 12. b. A $1,000,000 note payable requires 9.5% annual interest, or $7,917, 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, $2,639 of interest expense has accrued. c. Total weekly salaries expense for all employees is $9,000. 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 the payment of the accrued expenses. (Use 360 days a year. Do not round intermediate calculations.) Answer is not complete. No Credit Date Apr 30 General Journal Legal services expense Legal services payable Debit 2,000 2,000 2 May 12 2,6398 Interest expense Interest payable 2,6392 | Apr 30 3,600X Salaries expense Salaries payable 3,6008 ( May 20 2,000 x Legal services expense Cash 2,000% Apr 30 Interest expense 5,273 2,6398 Interest payable Cash 7,9178 May 03 Salaries payable Salaries expense Cash 3,600 5,400 9,000