Question

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 < Prev 1 of 9 !!! Score answer >

Answer 1

Sr.No	Date	General Journal	Debit	Credit
1	Apr 30	Legal Expense	$1,000
		Accounts Payable		$1,000
2	May 12	Accounts Payable	$1,000
		Cash		$1,000
3	Apr 30	Interest Expense	$1,653
		Interest Payable		$1,653
4	May 20	Interest Expense	$3,305
		Interest Payable	$1,653
		Cash		$4,958
5	Apr 30	Salaries and Wages Expense [$12000/5 x 2]	$4,800
		Salaries and Wages Payable		$4,800
6	May 3	Salaries and Wages Expense [$12000/5 x 3]	$7,200
		Salaries and Wages Payable	$4,800
		Cash		$12,000