The Accounting Cycle - End of the Period: You and your classmates have recently been hired as the new accounting team for King Toot's, Ltd., a firm that provides music lessons to customers. Continuing our activity from last week, we are now going to help King Toot's complete some of the steps to take at the end of the period. Below is the unadjusted Trial Balance that we prepared for King Toot's during Friday discussion last week: King Toot's CEO provides you with additional information to help you and your team prepare adjustments for April (assume that King Toot's has a monthly accounting period and prepares AJEs at the end of each month): - You perform a physical count of supplies and determine there are $525 of Supplies remaining on hand at the end of April. NOTE: these activities do not need to be submitted to your TA; they are for you to keep and to continue to practice from during the semester - The $16,200 of equipment that was purchased on 4/1 has an estimated five-year useful life and no salvage value. The firm uses the straight-line depreciation method. - Recall from last week's activity that on 4/15, a customer paid $920 in advance for 10 lessons (\$92 per lesson) which was all recorded as Deferred Revenue. As of 4/30, King Toot's had provided 3 of the lessons to the customer. - The $56,000 Note Payable that was signed on 4/1 is due in 10 years. Annual interest on the Note Payable is 7.5% and interest payments are made each year on March 31st.. The first interest payment is due 3/31/2024. - King Toot's pays a total of $25,400 in wages every two weeks to employees (assume there are 10 work-days in each two week pay period, so wages are $2,540 each work day). Recall from last week's activity that the firm paid wages of $25,400 on 4/19. This payment was for work done during the two week pay period of 4/64/19. The next $25,400 payment for wages will be made on May 3, 2023, which includes 7 work-days related to April and 3 work-days related to May. INSTRUCTIONS - Working together as part of a small team of classmates, please complete all of the following parts. PART I: For each transaction: A. Record Adjusting Journal Entries for April in the General Journal (NOTE: for each entry, you must show proper journal entry formatting, and also include the date and a brief description of the entry). B. Post information from the Adjusting Journal Entries to the proper T-Accounts in the General Ledger (don't forget to calculate adjusted ending balances for each account!). The General Ledger for this firm has been provided for you on the next page, with unadjusted balances as of April 30th. NOTE: You will also need to add a few additional new Taccounts to the template when posting some of the adjusting entry information. PART II. Prepare an Adjusted Trial Balance: Prepare the Adjusted Trial Balance for King Toot's as of 4/30/2023 listing accounts in the following order: Assets, Liabilities, Common Stock, Retained Earnings, Revenues, Expenses, and Dividends. Be sure to include a proper heading (i.e. firm name, name of schedule/report, 'as of' date) for your Trial Balance. PART III. Further Analysis - please answer the following questions: A. What is the Net Book Value (NBV) of the equipment as of 4/30/2023 ? B. What is the journal entry the firm would make on May 3rd when it makes the $25,400 cash payment to workers during the next accounting period? King Toot's General Ledger as of 4/30/2023 (UNADJUSTED)