Gargoyle Ltd , which has a December 31 year end, had the following transactions in December 2020 and January 2021 2020 Dec 1 Paid the first instalment on a five year $4,000 bank loan The terms of the loan stipulate that Gargoyle must repay 1 5 of the principal every December 1 plus the interest accrued to that date The loan bears interest at 6 per annum and has been outstanding for 12 months Dec 31 Recorded the 2 Garbucks granted to customers as part of a loyalty program to be used on future purchases The Garbucks was granted on eligible purchases of $420,000 Management expects that 20 of the Garbucks awarded to customers will never be redeemed Dec 31 Recorded employee wages for the last two days in December following the last payday The wages earned by employees amounted to $2,200 per day and the company recorded CPP of $110, EI of $35, and income taxes of $550 Gargoyles employer contributions were $110 for CPP and $49 for EI Dec 31 Recorded the adjusting entry to record the interest incurred on the bank loan during December Dec 31 Recorded the entry to reclassify the current portion of the bank loan 2021 Jan 2 Paid the wages recorded on December 31 Jan 10 A customer used the loyalty program to make a purchase of $8,800 The cost of goods sold to the customer amounted to $4,500 Jan 17 Made the remittance to the government related to the December 31 payroll List of Accounts Accounts Payable Advertising Revenue Bank Loan Payable Cash Cost of Goods Sold CPP Payable Current Portion of Long Term Debt Customer Loyalty Provision Dividends Payable EI Payable Employee Income Taxes Payable Equipment Gift Card Liability Interest Expense Interest Payable Inventory Long Term Loan Payable Membership Revenue Miscellaneous Expense No Entry Operating Expenses Parts Inventory Prepaid Rent Registration Revenue Rent Expense Rent Payable Sales Revenue Service Revenue Subscription Revenue Unearned Revenue Unearned Warranty Revenue Union Dues Payable Wages Expense Wages Payable Warranty Expense Warranty Provision Warranty Revenue WCB Expense Prepare all necessary journal entries related to the above transactions (Enter debit entries first followed by credit entries Credit account titles are automatically indented when the amount is entered Do not indent manually If no entry is required, select No entry for the account titles and enter for the amounts ) Account Titles and Explanation Debit Credit Date 2020 Dec 1 (To record sales)

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Gargoyle Ltd., which has a December 31 year end, had the following transactions in December 2020 and January 2021: 2020 Dec. 1 Paid the first

Gargoyle Ltd., which has a December 31 year end, had the following transactions in December 2020 and January 2021:

2020
Dec. 1		Paid the first instalment on a five-year $4,000 bank loan. The terms of the loan stipulate that Gargoyle must repay 1/5 of the principal every December 1 plus the interest accrued to that date. The loan bears interest at 6% per annum and has been outstanding for 12 months.
Dec. 31		Recorded the 2% Garbucks granted to customers as part of a loyalty program to be used on future purchases. The Garbucks was granted on eligible purchases of $420,000. Management expects that 20% of the Garbucks awarded to customers will never be redeemed.
Dec. 31		Recorded employee wages for the last two days in December following the last payday. The wages earned by employees amounted to $2,200 per day and the company recorded CPP of $110, EI of $35, and income taxes of $550. Gargoyles employer contributions were $110 for CPP and $49 for EI.
Dec. 31		Recorded the adjusting entry to record the interest incurred on the bank loan during December.
Dec. 31		Recorded the entry to reclassify the current portion of the bank loan.
2021
Jan. 2		Paid the wages recorded on December 31.
Jan. 10		A customer used the loyalty program to make a purchase of $8,800. The cost of goods sold to the customer amounted to $4,500.
Jan. 17		Made the remittance to the government related to the December 31 payroll.

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List of Accounts

Accounts Payable
Advertising Revenue
Bank Loan Payable
Cash
Cost of Goods Sold
CPP Payable
Current Portion of Long-Term Debt
Customer Loyalty Provision
Dividends Payable
EI Payable
Employee Income Taxes Payable
Equipment
Gift Card Liability
Interest Expense
Interest Payable
Inventory
Long-Term Loan Payable
Membership Revenue
Miscellaneous Expense
No Entry
Operating Expenses
Parts Inventory
Prepaid Rent
Registration Revenue
Rent Expense
Rent Payable
Sales Revenue
Service Revenue
Subscription Revenue
Unearned Revenue
Unearned Warranty Revenue
Union Dues Payable
Wages Expense
Wages Payable
Warranty Expense
Warranty Provision
Warranty Revenue
WCB Expense

Prepare all necessary journal entries related to the above transactions. (Enter debit entries first followed by credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit Date 2020 Dec. 1 (To record sales)