Question

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. As of April 30, $1,942 of interest expense has accrued on a note payable. The full interest payment of $5,827 on the note is due on May 20. Total weekly salaries expense for all employees is $8,000. 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. C. 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.) View transaction list Journal entry worksheet 1 2 3 4 5 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

Answer 1

Journal

Date	Account title	Debit	Credit
April 30	Legal expenses	2,000
	Legal expenses payable		2,000
April 30	Interest expense	1,942
	Interest payable		1,942
April 30	Wages expense	3,200
	Wages payable		3,200
May 3	Wages expense	4,800
	Wages payable	3,200
	Cash		8,000
May 12	Legal expenses payable	2,000
	Cash		2,000
May 20	Interest expense	3,885
	Interest payable	1,942
	Cash		5,827

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Note: In place of legal expenses, Organizational expenses can be used.