On April 1, tho company retained an attorney lor a flat monthly tee ot $2,500 Pa

Question

On April 1, tho company retained an attorney lor a flat monthly tee ot $2,500 Payment for Apnl legal services was mado by tho company on May 12 A $900,000 note payable requires 9 1% annual interest, or $6,825 lo be paid at the 20th day of each month I ho nteros( was last paid on April 20 and the next payment re due on May 20 As of April 30, $2,275 of interest expense has accrued Total weekly salaries expense (ot all employees re $13,000 This amount re paid at tho end of the day on Friday ot each fivn day workweek April 30 tails on Tuesday of this year, which means that If to employoos had worked two days since tho last payday The next payday re May 3 The above three separate situations require adjusting journal entries lo prepare financial slatemonts as ot Apnl 30 For each situation present both the April 30 adjusting entry and the subsequent entry during May to record the payment ot the accrued expenses (Use 360 days a year Do not round intermediate calculations and round your (Inal answers to the nearest dollar amount)

Explanation / Answer

Date Account Debit credit april 30 attroney expense 2500 Attroney expense payable 2500 [being expense accrued for april ]

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