On January 1, 2015, Burlington Inc.'s general ledger contained these opening balances for its liability accounts:

Accounts payable ............................$52,000

CPP payable .................................. 3,810

EI payable .................................... 1,598

Sales tax payable ............................$18,000

Income tax payable ......................... 7,700

Unearned revenue ........................... 16,000

The following selected transactions occurred during the month.

Jan. 5 Sold merchandise 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.

13 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.

14 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 income tax $7,700) and employee benefits of $2,837 (CPP $1,905 and EI $932).

15 Borrowed $18,000 from HSBC Bank for three months; 6% interest is payable monthly on the 15th of each month.

19 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 revenue is earned.

22 Paid $32,000 to trade creditors on account.

28 Received assessment of property taxes of $4,200 for the calendar year. They are payable on March 1.

29 Paid employees for the month. Gross salaries totalled $40,000 and payroll deductions included CPP of $1,980, EI of $712, and income tax of $9,474. Employee benefits included CPP of $1,980 and EI of $997.

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.