Question 3 On February 28, 2018, Molega Ltd.'s general ledger contained the following liability accounts: Accounts payable CPP payable $40,700 2,520 EI payable 1,198 Sales tax payable Employee income tax payable Unearned revenue 6,400 5,615 14,700 The 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 $9,400. Interest is due at maturity. 5 Sold inventory for cash totalling $39,500, plus 13% HST. The cost of goods sold was $24,800. Molega uses a perpetual inventory system. 9 Received the property tax bill of $17,800 for the calendar year. It is payable on May 1. 12 Provided services for customers who had made advance payments of $10,170 including 13% HST, which is not payable until the related sale occurs. 13 Paid $6,400 HST to the Receiver General for sales tax collected in February. 16 Paid $9,333 to the Receiver General for amounts owing from the February payroll for employee payroll deductions of $7,374 (CPP $1,260, EI $499, and employee income tax $5,615) and for employee benefits of $1,959 (CPP $1,260, and EI $699). 27 Paid $28,900 to trade creditors on account. 31 Paid employees for the month. Gross salaries totalled $16,000 and payroll deductions included CPP of $863, EI of $301, and employee income tax of $6,370. Employee benefits included CPP of $863 and EI of $421. Your answer is partially correct. Try again. Record the above transactions. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answers to O decimal places, e.g. 5,275.) Date Account Titles and Explanation Debit Credit Accounts Payable | Notes Payable 9400 T Mar. 5 ] Cash Sales 1 39500 5135 Sales Tax Payable (To record sales) T Mar. 5 Cost of Goods Sold 24800 Inventory (To record cost of goods sold) T Mar. 9 : Property Tax Expense Property Tax Payable lar. 9 Property Tax Expense 1483 | Property Tax Payable 1483 Mar. 124) Tunearned Revenue Service Revenue 8847 | Sales Tax Payable 1322 Sales Tax Payable Cash Mar. 16 CPP Payable TEI Payable Employee Income Tax Payable Cash Mar. 27 Accounts Payable 28900 Mar. 27 = |Accounts Payable 28900 T Cash I 28900 T Mar. 31 4 Salaries Expense 0001 CPP Payable 1 863 EI Payable IT 301 Employee Income Tax Payable 6370 Cash 8466 (To record payroll and employee deductions) T Mar. 31 Employee Benefits Expense 1284 1 CPP Payable 863 EI Payable 421 (To record employee benefits) - answer is correct. Record any required adjusting entries at March 31. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 5,275.) Date Account Titles and Explanation Debit Credit Mar. 31 JInterest Expense 47 Interest Payable Prepare the current liabilities section of the statement of financial position at March 31. (Round answers to o decimal places, e.g. 5,275.) MOLEGA LTD. Statement of Financial Position (partial) March 31, 2018 Current liabilities Accounts Payable 2400 | Notes Payable 9400 CPP Payable 1726 T EI Payable T 722 Sales Tax Payable 11535 Employee Income Tax Payable 6370 Uneamed Revenue 4530 Interest Payable Property Tax Payable 1483 Total current liabilities 38213