King Toot's, Ltd. provides music lessons to customers. King Toot's pays a total of $27,500 in...

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King Toot's, Ltd. provides music lessons to customers. King Toot's pays a total of $27,500 in wages every two weeks to its employees (assume there are 10 work days in each two-week pay period, so wages are $2,750 each work day). The last $27,500 payment for wages was made to employees for the two-week period ending on Friday, January 27th, 2023. The next $27,500 payment for wages will be made on Friday, February 10th, 2023. The two week work period ending on February 10th includes 2 work days related to January 2023 and 8 work days related to February 2023. < a. Record the journal entry King Toot's would make on January 27th, 2023 when it last paid its workers for the two-week period ending on Friday, January 27th, 2023.4 b. Record the adjusting journal entry (AJE) King Toot's would make to recognize accrued Wages Expense on January 31st, 2023. Assume King Toot's uses a monthly accounting period which ends on January 31st, 2023 and adjusting entries are only made at the end of the monthly accounting period (i.e. assume no adjusting entries have been recorded yet for the month of January). < c. Calculate the adjusted balance of the Wages Payable account as of 1/31/2023. Assume the beginning balance of the Wages Payable account as of 1/1/2023 was $0 and there are no other transactions. d. Record the journal entry King Toot's would make on February 10th, 2023 when it makes the next $27,500 payment for wages for the two-week period ending on Friday, February 10th, 2023. King Toot's, Ltd. provides music lessons to customers. King Toot's pays a total of $27,500 in wages every two weeks to its employees (assume there are 10 work days in each two-week pay period, so wages are $2,750 each work day). The last $27,500 payment for wages was made to employees for the two-week period ending on Friday, January 27th, 2023. The next $27,500 payment for wages will be made on Friday, February 10th, 2023. The two week work period ending on February 10th includes 2 work days related to January 2023 and 8 work days related to February 2023. < a. Record the journal entry King Toot's would make on January 27th, 2023 when it last paid its workers for the two-week period ending on Friday, January 27th, 2023.4 b. Record the adjusting journal entry (AJE) King Toot's would make to recognize accrued Wages Expense on January 31st, 2023. Assume King Toot's uses a monthly accounting period which ends on January 31st, 2023 and adjusting entries are only made at the end of the monthly accounting period (i.e. assume no adjusting entries have been recorded yet for the month of January). < c. Calculate the adjusted balance of the Wages Payable account as of 1/31/2023. Assume the beginning balance of the Wages Payable account as of 1/1/2023 was $0 and there are no other transactions. d. Record the journal entry King Toot's would make on February 10th, 2023 when it makes the next $27,500 payment for wages for the two-week period ending on Friday, February 10th, 2023.

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a Journal entry on January 27th 2023 when King Toots last paid its workers for the twoweek period en... View the full answer