On February 28 2015 Molega Ltd s general ledger

contained the #8634

On February 28, 2015, Molega Ltd.'s general ledger contained the following liability
accounts:Accounts payable ............................. $42,500CPP payable ...................................
2,680EI payable ..................................... 1,123Sales tax payable .............................
5,800Income tax payable .......................... 5,515Unearned revenue ...........................
15,000The following selected transactions occurred during the month:Mar. 2 Issued a three-
month, 6% note payable in exchange for an account payable in the amount of $10,000. Interest
is due at maturity.5 Sold merchandise for cash totalling $40,000, plus 13% HST. The cost of
goods sold was $24,000.Molega uses a perpetual inventory system.9 Received the property tax
bill of $18,000 for the calendar year. It is payable on May 1.12 Provided services for customers
who had made advance payments of $11,300 including HST, which is not payable until the
related sale occurs.13 Paid $5,800 HST to the Receiver General for sales tax collected in
February.16 Paid $9,318 to the Receiver General for amounts owing from the February payroll
for employee payroll deductions of $7,323 (CPP $1,340, EI $468, and income tax $5,515) and
for employee benefits of $1,995 (CPP $1,340 and EI $655).27 Paid $30,000 to trade creditors
on account.31 Paid employees for the month. Gross salaries totalled $16,000 and payroll
deductions included CPP of $792, EI of $285, and income tax of $5,870. Employee benefits
included CPP of $792 and EI of $399.Instructions(a) Record the above transactions.(b) Record
any required adjusting entries at March 31.(c) Prepare the current liabilities section of the
statement of financial position at March 31.View Solution:
On February 28 2015 Molega Ltd s general ledger contained the

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