Exercise 3-8 (Algo) Adjusting and paying accrued expenses LO P3 a. On April 1, the company hired an attorney for April for a flat fee of $2,000. Payment for April legal services was made by the company on May 12. b. As of April 30, $793 of interest expense has accrued on a note payable. The full interest payment of $2,380 on the note is due on May 20. c. Total weekly salaries expense for all employees is $12,000. 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 payment of the accrued expenses (Do not round Intermediate calculations.) Answer is not complete. Debit Credit NO Date General Journal 2,000 1 April 30 Legal services expense Legal services payable 2,000 2,000 2 May 12 Legal services payable SIS 2,000 . Cash 2,380 > 3 April 30 Interest expense Interest payable 2,380 % O 4 May 20 Interest expense Interest payablo Cash 03 12,000 3 5 April 30 Salarios expense Salaries payable 12,000 6 May 03 6,000 X 4,000 Salaries expense Salaries payablo Cash OO 10,000 > Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below) a. Wages of $9,000 are earned by workers but not paid as of December 31 b. Depreciation on the company's equipment for the year is $10,960. c. The Supplies account had a $480 debit balance at the beginning of the year. During the year, $6,291 of supplies are purchased. A physical count of supplies at December 31 shows $679 of supplies available. d. The Prepaid Insurance account had a $5,000 balance at the beginning of the year. An analysis of insurance policies shows that $3,000 of unexpired insurance benefits remain at December 31 e. The company has earned (but not recorded) $750 of interest revenue for the year ended December 31. The interest payment will be received 10 days after the year-end on January 10. f. The company has a bank loan and has incurred (but not recorded) Interest expense of $3,500 for the year ended December 31. The company will pay the interest five days after the year-end on January 5. For each of the above separate cases, prepare adjusting entries required of financial statements for the year ended December 31 Answer is not complete. No Transaction Debit General Journal Accumulated depreciation Equipment Credit Credit 1 a x 2 b. Equipment c. Accumulated depreciation Equipment 4 d. Accumulated depreciation Equipment X 5 e Accumulated depreciation Equipment > 6 1. Depreciation expense-Equipment > Wages of $9,000 are earned by workers but not paid as of December 31. 2 Depreciation on the company's equipment for the year is $10,960. 3 The Supplies account had a $480 debit balance at the beginning of the year. During the year, $6,291 of supplies are purchased. A physical count of supplies at December 31 shows $679 of supplies available. The Prepaid Insurance account had a $5,000 balance at the beginning of the year. An analysis of insurance policies shows that $3,000 of unexpired insurance benefits remain at December 31. Note : = journal entry has been entered