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a. On April 1, the company retained an attorney for a flat monthly fee of $1,000. Payment for April legal services was made by the
a. On April 1, the company retained 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, $1,653 of interest expense has accrued on a note payable. The full interest payment of $4,958 on the note is due on May 20. c. Total weekly salaries expense for all employees is $12,000. 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. The subsequent entry during May to record payment of the accrued expenses. (Use 360 days a year. Do not round intermediate calculations.) noes View transaction list Journal entry worksheet 2 3 4 5 6 On April 1, the company retained an attorney for a flat monthly fee of $1,000 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. General Journal Debit Credit Date Apr 30 1 On April 1, the company retained an attorney for a flat monthly fee of $1,000. Payment for April legal services was made by the company on May 12. Prepare the required adjusting entry, if any. 2 Record the payment of legal fees. 3 As of April 30, $1,653 of interest expense has accrued on a note payable. The full interest payment of $4,958 on the note is due on May 20. Prepare the required adjusting entry, if any. Cre 4 Record the payment of interest. 5 Total weekly salaries expense for all employees is and the dar Note : = journal entry has been entered Record entry Clear entry View gen AS Or April 30, $1,053 or interest expense nas accrued on a note payable. The full interest payment of $4,958 on the note is due on May 20. Prepare the required adjusting entry, if any. $1, . Pre 4 Record the payment of interest. 5 Crec Total weekly salaries expense for all employees is $12,000. This amount is paid at the end of the day on Friday of each five-day workweek. April 30 falls on Tuesday of this year, 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, 6 Record the payment of salaries. Note : journal entry has been entered Record entry Clear entry View gener
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