Question

a. On April 1, the company retained an attorney for a flat monthly fee of $3,500. Payment for April legal services was made by the company on May 12.b. A $900,000 note payable requires 12% annual interest, or $9,000, 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 April 30, $3,000 of interest expense has accrued. c. Total weekly salaries expense for all employees is $10,000. 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. Required:1. The above three separate situations require adjusting journal entries to prepare financial statements as of April 30. 2. For each situation, present both: i. The April 30 adjusting entry. ii. The subsequent entry during May to record payment of the accrued expenses.

Answer 1

The answer and procedures of the exercise are attached in the following archives.

Step-by-step explanation:

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