a. On April 1, the company hired an attorney for a flat monthly fee of $3,500. Payment for April legal services was made by the company on May 12.;b. As of April 30, $2350 of interest expense has accrued on a note payable. The full interest payment of $7050 on the note is due on May 20.; c. Total weekly salaries expense for all employees is $13000. 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.

Respuesta :

Journal Entries:

A. April 01: Debit: Legal service expense $3,500

                        Credit: Legal service payable                  $3,500  

   May 12: Debit: Legal services payable $3,500

                         Credit: Cash                                              $3,500

B. April 30: Debit: Interest expense $2,350

                          Credit: Interest payable                          $2,350

  May 20: Debit: Interest expense $4,700

                 Debit: Interest payable $2,350

                           Credit: Cash                                             $7,050

C. April 30: Debit: Salaries expense $5,200

                           Credit: Salaries payable                          $5,200

   May 03: Debit: Salaries expense $7,800

                  Debit: Salaries payable $5,200

                            Credit: Cash                                            $13,000

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