M (no subject) jannatmaxD MIDTERM tpx 10 a. On April 1, the company retained an
ID: 2556196 • Letter: M
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M (no subject) jannatmaxD MIDTERM tpx 10 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. A $1,000,000 note payable requires 8 3% annual interest, or S6917 to be paid at the 20th day of each month. The interest was last paid on April 20 and the next payment is due on May 20. As of Apnil 30, $2,306 of interest expense has accrued c. 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 fails on Tuesday of this year, 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 Apnil 30 adjusting entry and the subsequent entry during May to record the payment of the accrued expenses. (Use 360 days a year. Do not round intermediate calculations and round your final answers to the nearest dollar amount.) View transaction list Journal entry worksheet 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. Note: Enter debits before credits. Date General Journal Debit Credit Apr 30 Record entry Clear entry View general journalExplanation / Answer
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Date Account Debit Credit Working Apr 30 Legal Fees Expense 2000 Legal Fees Payable 2000 May 12 Legal Fees Payable 2000 Cash 2000 Apr 30 Interest Expense 2306 For April 21 to April 30 Interest Payable 2306 For April 21 to April 30 May 20 Interest Expense 4611 For May 1 to May 20 Interest Payable 2306 For April 21 to April 30 Cash 6917 Apr 30 Salaries Expense 3200 8000/5*2 Salaries Payable 3200 May 3 Salaries Expense 4800 For May first three days Salaries Payable 3200 For April Last two days Cash 8000 For Full week 5 daysRelated Questions
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