HW Ch 3 solutions - Exercise 3-3(25 minutes a Apr 30 Legal...

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Exercise 3-3 (25 minutes) a. Apr. 30 Legal Fees Expense ............................................. 4,500 Legal Fees Payable ....................................... 4,500 To record accrued legal fees. May 12 Legal Fees Payable .............................................. 4,500 Cash ............................................................... 4,500 To pay accrued legal fees. b. Apr. 30 Interest Expense ................................................... 1,900 Interest Payable ............................................ 1,900 To record accrued interest expense. May 20 Interest Payable .................................................... 1,900 Interest Expense ................................................... 3,800 Cash ............................................................... 5,700 To record payment of accrued and current interest expense ($5,700 – 1,900). c. Apr. 30 Salaries Expense .................................................. 4,800 Salaries Payable ........................................... 4,800 To record accrued salaries ($12,000 x 2/5 week). May 3 Salaries Payable ................................................... 4,800 Salaries Expense .................................................. 7,200 Cash ............................................................... 12,000 To record payment of accrued and current salaries ($12,000 x 3/5 week).
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Exercise 3-6 (30 minutes) 1. 2009 Dec. 31 Services Revenue ....................................... 37,200 Income Summary ................................. 37,200 To close the revenue account. 31 Income Summary ........................................
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