Question 1 (12 marks) To start things off Leonard was wants you to look over a few of the current liabilities for the month. On January 1, 2020, Leonard Inc.'s general ledger had these liability accounts: CPP contributions payable $ 2,147 El premiums payable 1,024 HST payable 11,294 Employee income tax deductions payable 4,575 Unearned revenue 15,700 HST Receivable 4,190 Leonard Inc. uses a periodic inventory system, operates in the Province of Ontario where HST is 13%, and follows ASPE. HST is treated identical to GST for accounting purposes except for name and percent. NOTE: For payments that include taxes, to calculate the amount before HST, divide the total payment by 1.13. Leonard Inc.'s required premium for El is 1.4 times the employee premium; for CPP, it is 1.0 times the employee contribution. In January 2020, the following transactions occurred: Jan. 5 Sold merchandise for $15,700 cash, plus HST. 12 Provided services for customers who had previously made advance payments of $7,119 which included HST. 14 Paid the Receiver General for Canada HST invoiced in December 2019. 15 Paid the Receiver General for Canada for amounts owing from the December payroll for CPP, EI, and income tax. 20 Purchased equipment on account for $6,554 taxes included. 31 Recorded and paid the monthly employee payroll. Gross salaries were $25,503. Amounts withheld include CPP of $1,173, El of $470, and income tax of $4,575. Recorded employee benefits on behalf of the employer, which include CPP, EI. 31 Required: Prepare all the journal entries necessary to record the transactions noted above as they occurred