Bell Ltd. (JBL) has a December 31 year-end. On December 1, 2021 JBL had the following sabilities listed on its books Note payable Accounts payable CPP. El and income tax payable Unearned revenues 50 $120.000 54 200 310.000 uring December 2021 JBL engaged in the following transactions ec 1 Bought $25,000 of inventory on credit, terms of 30 days Borrowed $10,000 from the bank and signed a note payable that is ec 2 due in one year. Interest will be charged at 8% per year Sold goods for $33,000 on which they had previously received a $16,000 deposit. The balance is due in 30 days. The cost of these Hec 7 goods was $24.700. Dec 8 Pald $63,000 owing to a supplier Paid amounts due to federal government for the payroll amounts Dec 12 outstanding from November 30. Sold $62,000 of goods half for cash, half on credit. The cost of these Dec 19 goods was $47.000. Dec 20 Made a $12.000 payment on outstanding accounts payable Received $9,500 from a client for work that will be performed in Dec 21 January 2022 Received a lawyer's letter stating that a customer is suing the company for fallure to clear the snow away from the front of the business premises. The customer fell and was injured as a result, JBL's lawyer says that it is likely that the company will be required to pay but she is unable to reasonably determine the amount of the loss Dec 22 at this time. Paid the monthly payroll amounts to employees. The gross payroll was $16,200. Amounts withheld from the employees' cheques were as follows: Canada pension plan premiums (CPP) $1,200 Employment insurance premiums (EI) $1,850 Income tax $2,800 At the same time, the company also recorded their liability for amounts due to the government for CPP and El. Assume the employer must Dec 28 match the employees' contribution for both El and CPP Required (28 marks): Prepare all the journal entries required as a result of the above to if no entry is required, state the reason why