![Connect Access Card For Fundamental Accounting Principles](https://www.bartleby.com/isbn_cover_images/9781260158526/9781260158526_smallCoverImage.gif)
Concept explainers
Exercise 3-5 Adjusting and paying accrued expenses P3
The following three separate situations require adjusting
- The April 30
adjusting entry. - The subsequent entry during May to record payment of the accrued expenses.
Entries can draw from the following partial chart of accounts: Cash;
a. On April 1. the company hired an attorney for a flat monthly fee of S3.500. Payment for April legal services was made by the company on May 12.
b. As of April 30, S3:000 of interest expense has accrued on a note payable. The full interest payment of S9=000 on the note is due on May 20.
c. Total weekly salaries expense for all employees is 510,000. 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.
![Check Mark](/static/check-mark.png)
Want to see the full answer?
Check out a sample textbook solution![Blurred answer](/static/blurred-answer.jpg)
Chapter 3 Solutions
Connect Access Card For Fundamental Accounting Principles
- Century 21 Accounting Multicolumn JournalAccountingISBN:9781337679503Author:GilbertsonPublisher:CengageCollege Accounting, Chapters 1-27AccountingISBN:9781337794756Author:HEINTZ, James A.Publisher:Cengage Learning,
- College Accounting, Chapters 1-27 (New in Account...AccountingISBN:9781305666160Author:James A. Heintz, Robert W. ParryPublisher:Cengage LearningSurvey of Accounting (Accounting I)AccountingISBN:9781305961883Author:Carl WarrenPublisher:Cengage LearningPrinciples of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax College
![Text book image](https://www.bartleby.com/isbn_cover_images/9781337794756/9781337794756_smallCoverImage.gif)
![Text book image](https://www.bartleby.com/isbn_cover_images/9781305666160/9781305666160_smallCoverImage.gif)
![Text book image](https://www.bartleby.com/isbn_cover_images/9781305961883/9781305961883_smallCoverImage.gif)