Ask Question
19 August, 12:14

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.

+2
Answers (1)
  1. 19 August, 15:22
    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?
Get 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 there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers