Borg-is-the-God Tennis Stores entered into the following transactions during the current calender year: 1) March 15, Inventory purchases of $50,000 were made on account (Assume perpetual system) 2) On April 1, a light truck was purchased for $10,000. A 25% down payment was made and a 10% note was signed for the balance. Principal and interest are due in one year. 3) The inventory purchased in item 1 was paid in full (April 14). 4) On July 31, the firm signed a $78,400 note at a local bank. It received proceeds of $70,000 at that time. The note was due in one year. Sales for the year amounted to $180,000. All sales are cash. State sales taxes are 6% 5) 6) During the holiday season, the firm issues gift certificates. Gift certificates totaling $5,000 were sold for cash. By the end of calender year, only 30% of cerficates had been redeemed. Sales of certificates are credited to the Sales Revenue account. 7) Wages of $30,000 were paid during the year. Federal and state income taxes withheld amounted to $4,400, and union dues of $200 were also withheld. The FICA rate is 7% for both employee and employer, and all wages but $5,000 are subject to these taxes. State unemployment taxes of 2.7% are levied on $10,000 of wages. 8) Sales, union dues, and payroll taxes were paid in full prior to year-end. Required (a) (b) Make the necessary journal entries to record these events Make the necessary year-end adjusting entires, other than depreciation