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  3. exercise 3-5 adjusting and paying accrued expenses

Exercise 3-5 Adjusting and paying accrued expenses LO A1, P1 a. On April 1, the...

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Exercise 3-5 Adjusting and paying accrued expenses LO A1, P1 a. On April 1, the company retained an attorney for a fiat 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 View transaction list 5 points Journal entry worksheet 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. Prepare the required adjusting entry, if any. Print References Note: Enter debits before credits Date Apr 30 General Journal Debit Credit Record entry Clear entry View general journal

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