3. (2pts total) Globo Gym, Corp. is a fitness center that provides fitness and workout services...

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3. (2pts total) Globo Gym, Corp. is a fitness center that provides fitness and workout services for customers. Globo Gym pays a total of $120,000 in wages every two weeks to its employees (assume there are 10 work days in each two-week pay period, so wages are $12,000 each work day). The last $120,000 payment for wages was made to employees for the two-week period ending on Friday, December 21st, 2021. The next $120,000 payment for wages will be made on Friday, January 4th, 2022. The two week work period ending on January 4th includes 6 work days related to December 2021 and 4 work days related to January 2022. a. Record the journal entry Globo Gym would make on December 21st, 2021 when it last paid its workers for the two-week period ending on Friday, December 21st, 2021. b. Record the adjusting journal entry (AJE) Globo Gym would make to recognize Wages Expense on December 31st, 2021. Assume Globo Gym uses an annual accounting period which ends on December 31st, 2021 and adjusting entries are only made at the end of the annual accounting period (i.e. assume no adjusting entries have been recorded yet for the year). c. Calculate the adjusted balance of the Wages Payable account as of 12/31/2021. Assume the beginning balance of the Wages Payable account as of 12/1/2021 was $0 and there are no other transactions. d. Record the journal entry Globo Gym would make on January 4th, 2022 when it makes the next $120,000 payment for wages for the two-week period ending on Friday, January 4th, 2022. 3. (2pts total) Globo Gym, Corp. is a fitness center that provides fitness and workout services for customers. Globo Gym pays a total of $120,000 in wages every two weeks to its employees (assume there are 10 work days in each two-week pay period, so wages are $12,000 each work day). The last $120,000 payment for wages was made to employees for the two-week period ending on Friday, December 21st, 2021. The next $120,000 payment for wages will be made on Friday, January 4th, 2022. The two week work period ending on January 4th includes 6 work days related to December 2021 and 4 work days related to January 2022. a. Record the journal entry Globo Gym would make on December 21st, 2021 when it last paid its workers for the two-week period ending on Friday, December 21st, 2021. b. Record the adjusting journal entry (AJE) Globo Gym would make to recognize Wages Expense on December 31st, 2021. Assume Globo Gym uses an annual accounting period which ends on December 31st, 2021 and adjusting entries are only made at the end of the annual accounting period (i.e. assume no adjusting entries have been recorded yet for the year). c. Calculate the adjusted balance of the Wages Payable account as of 12/31/2021. Assume the beginning balance of the Wages Payable account as of 12/1/2021 was $0 and there are no other transactions. d. Record the journal entry Globo Gym would make on January 4th, 2022 when it makes the next $120,000 payment for wages for the two-week period ending on Friday, January 4th, 2022.

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a Journal entry on December 21st 2021 Wages Expense 120000 Wages Payable 120000 Explanation This ent... View the full answer