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Fit for Life (FFL) operates a fitness center and snack lounge. The following is a partial list of FFL transactions during its year ended December
Fit for Life (FFL) operates a fitness center and snack lounge. The following is a partial list of FFL transactions during its year ended December 31. FFL adjusts its records only at year-end Jan. 6 Purchased and received 48 nutritional bars for $90, n/45. Jan. 8 FFL sold 5e nutritional bars to Big 3im for $294 cash, which includes $27 of sales tax. Apr. 30 FFL received $55,380 from Commerce Bank after signing a 24-month, 6 percent, pronissory note. Aug. 11 FFL signed a 6-month contract to sublease a portion of its building. FFL also received a s 2,980 check for six months rent Dee ,e m pald employees' net pay through December 31, using direct deposits totaling $3,578, to 25e total hours at Dec. 31 FFL adjusted the accounts at year-end, relating to (o) esployer payroll taxes, including F Required 1. Calcu S17 hourly ICA and $68 of unesp loyment taxes, (b) interest, and (c) rent late the cost of goods sold on January 8, assuming FFL began the year with an inventory of 40 nutritional bars at a unit cost of $2.25 ($90 total cost), had no other inventory transactions prior to January 6 and 8, and reports its inventory costs using FIFO 2 For each of the above dates, prepare the required journal entries (using a perpetual inventory system) and the adjusting journal entries Complete this question by entering your answers in the tabs below
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