P10-1B On January 1, 2018, Burlington Inc.'s general ledger contained these opening balances for its liability accounts: Accounts payable $52,000 CPP payable El payable Sales tax payable 3,810 1,598 18,000 Employee income tax payable 7,700 16,000 Unearned revenue The following selected transactions occurred during the month. Sold inventory for cash totalling $20,000, plus 5% GST and 7 % PST . The cost of goods sold was $14,000. Burlington uses a perpetual inventory system. Jan. 5 Paid $18,000 ($7,500 GST to the Receiver General and $10,500 PST to the provincial Minister of Finance) for sales taxes collected in December. 13 Paid $13,108 to the Receiver General for amounts owing from the December payroll for the employee payroll deductions of $10,271 (CPP $1,905, EI $666, and employee income tax $7,700) and employee benefits of $2,837 (CPP $1,905 and ElI $932). 14 Borrowed $18,000 from HSBC Bank for three months; 6 % interest is payable monthly on the 15th of each month. Provided services for customers who had made advance payments of $11,200. This amount includes applicable GST and PST, which is not payable until the related 15 19 revenue is earned. Paid $32,000 to trade creditors on account. 22 Received assessment of property taxes of $4,200 for the calendar payable on March 1 year. They are 28 Paid employees for the month. Gross salaries totalled $40,000 and payroll 29 deductions included CPP of $1,980, EI of $752, and employee income tax of $9,474. Employee benefits included CPP of $1,980 and El of $1,053. Instructions (a) Record the above transactions. (b) Record any required adjusting entries at January 31. (c) Prepare the current liabilities section of the statement of financial position at January 31