Part A

Joy's Bar and Grill completed the following note payable transactions:

$2024$

Aug $1$ Purchased kitchen equipment costing $$60,000$ by issuing a one year, $5\%$ note

Dec $31$ Accrued interest on the note payable

$2025$

Aug $1$ Paid the note payable at maturity

REQUIRED

Journalize the above transactions.

Part B

Trinidad Industries Inc. has the following selected accounts at December $31,2024$

$

GST Payable $,17,000$

Bonds Payable $,300,000$

Equipment $,120,000$

Current portion of bonds payable $40,000$

Notes payable, long term $100,000$

Interest payable $($due February $1,2025)10,000$

Accounts payable $44,000$

Discount on Bonds Payable $($all long term$)10,000$

Accounts receivable $,34,000$

REQUIRED

Prepare the liabilities section of Trinidad's Balance Sheet as at December $31,2024.$

What is the total current liabilities?

What is the total non$-$current liabilities?

What is the total liabilities?