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Prepare journal entries for the following: CGWO keeps legal counsel on retainer. At the...

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Accounting

Prepare journal entries for the following:

  1. CGWO keeps legal counsel on retainer. At the end of the year CGWO adjusts prepaid expenses downward by $4,085 to reflect the 12 months of services provided on retainer.
  2. CGWO pays down its line of credit by $530,000, and interest expense of $27,800 is recognized.
  3. CGWO pays accounts payable in the amount of $1,568,010 with available cash.

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