Solution:
Transaction A:
No | Date | General Journal | Debit | Credit |
1 | Apr. 30 | Legal Services Expenses | $ 3,000 | |
Legal Services Payable | $ 3,000 | |||
[ Being legal expenses payable] | ||||
2 | May. 12 | Legal Services Payable | $ 3,000 | |
Cash | $ 3,000 | |||
(Being legal services paid) |
Transaction B:
No | Date | General Journal | Debit | Credit |
3 | Apr. 30 | Interest Expenses | $ 1,076 | |
Interest Payable | $ 1,076 | |||
[ Being interest expenses payable] | ||||
4 | May. 20 | Interest Payable | $ 1,076 | |
Interest Expenses | $ 2,151 | |||
Cash | $ 3,227 | |||
[ Being interest expenses paid] |
Notes:
1) It is given in the question that total interest paid is $ 3,227. So, we considered remaining $ 2,151($3,227-$1,076) as interest expense of may month.
2) Entry 4 will be explained in detail, if more information is available.
Transaction C:
No | Date | General Journal | Debit | Credit |
5 | Apr. 30 | Salaries Expense(8000 / 5 days * 2 days) | $ 3,200 | |
Salaries Payable | $ 3,200 | |||
[ Being salary expenses payable] | ||||
6 | May. 3 | Salaries Payable | $ 3,200 | |
Cash | $ 3,200 | |||
(Being salary expense paid) |
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