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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, $2,322 of interest expense has accrued on a note payable. The full interest payment of $6,967 on the note is due on May 20 c. Total weekly salaries expense for all employees is $11,000. 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. Note: Do not round intermediate calculations. View transaction list Journal entry worksheet

Exercise 3-8 (Algo) Adjusting and paying accrued expenses LO P3 a. On April 1, the company hired an attorney for Apnil for a flat fee of $2.000 Payment for Aprillegal services was made by the company on May 12 . b. As of April 30, $2,322 of interest expense has accrued on a note payable, The full interest payment of $6,967 on the note is due on Moy 20 c. Total weekly salones expense for all employees is $11000 This amount is paid at the end of the day on Friday of each five-day workweek. Apri 30 fallis on a Tuesday. which moans that the employoes hod worked two days since the last payday. The noxt payday is May 3 The above three separate situations require adjusting joumal entries to prepare financial statements as of Aprit 30 . For each situation. present both the April 30 adjusting entry and the subsequent entry during May to record payment of the accrued expenses. Note: Do not round intermediate calculotions. Journal entry worksheet On April 1, the company hired an attomey for Apal for a flat fee of $2,000. Payment for April legal services was made by the company on May 12. Prepare the required adjusting entry, if any Wotel finter debits betere oredits

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