Ask Question
1 December, 06:59

On April 1, the company hired an attorney for a flat monthly fee of $2,000. Payment for April legal services was made by the company on May 12. Prepare the required adjusting entry, if any.

+5
Answers (1)
  1. 1 December, 09:44
    0
    The Journal entries are as follows:

    (i) On April 1,

    Legal fees expenses A/c Dr.$2,000

    To Legal fees payable $2,000

    (To record the legal fees expenses)

    (ii) On May 12,

    Legal fees payable A/c Dr. $2,000

    To Cash A/c $2,000

    (To record the payment of legal fees)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “On April 1, the company hired an attorney for a flat monthly fee of $2,000. Payment for April legal services was made by the company on May ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers