Question

a. On April 1, the company hired an attorney for a flat monthly fee of $1,500. Payment for April legal services was made by the company on May 12. b. As of April 30, $1,335 of interest expense has accrued on a note payable. The full interest payment of $4,005 on the note is due on May 20. c. Total weekly salaries expense for all employees is $15,000. 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 and the subsequent entry during May to record the payment of the accrued expenses. (Do not round intermediate calculations.) * Answer is not complete. No General Journal Credit Date Apr 30 Debit 1,500 Legal services expense Legal services payable 1,500 May 12 1.500 Prepaid Interest Legal services expense 1,500 Apr 30 1,335 Interest expense Interest payable 1,335 May 20 No Transaction Recorded Apr 30 Depreciation expense Revenue May 03 6,000 Salaries expense Salaries payable 6,000 X

Answer 1

Answer
Date	General Journal	Debit	Credit
30-Apr	Legal fees expense	$     1,500
	Legal fees payable		$       1,500
12-May	Legal fees payable	$     1,500
	Cash		$       1,500
30-Apr	Interest Expense	$     1,335
	Interest payable		$     11,350
	4,005*10/30
20-May	Interest payable	$     1,335
	Interest Expense	$     2,670
	4005*20/30
	Cash		$       4,005
30-Apr	Salaries Expense	$     6,000
	Salaries payable		$       6,000
	15000*2/5
03-May	Salaries payable	$     6,000
	Salaries Expense	$     9,000
	Cash		$     15,000
	15000*3/5
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