Question: Record and present current liabilities. P10.1A (LO 1, 2, 3) On February 28, 2021, Molega Ltd.'s general ledger contained the following liability accounts: Accounts payable

Record and present current liabilities. P10.1A (LO 1, 2, 3) On

Record and present current liabilities. P10.1A (LO 1, 2, 3) On February 28, 2021, Molega Ltd.'s general ledger contained the following liability accounts: Accounts payable $42,500 CPP payable 2,680 El payable 1,123 Sales tax payable 5,800 Employee income tax payable 5,515 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 $10,000. Interest is due at maturity. 3 Sold inventory for cash totalling $40,000, plus 13% HST. The cost of goods sold was $24,000. Molega uses a perpetual inventory system. 4 Received the property tax bill of $18,000 for the calendar year. It is payable on May 31. 12 Provided services for customers worth $10,000 plus HST of 13%. The company received payment in full for services and HST. 16 Remitted $9,318 to the government for amounts owing from the February payroll for employee payroll deductions of $7,323 (CPP $1,340, EI $468, and employee income tax $5,515) and for employee benefits of $1,995 (CPP $1,340 and EI $655). 27 Paid $30,000 to trade creditors on account. 30 Paid employees for the month. Gross salaries totalled $16,000 and payroll deductions included CPP of $801, EI of $259, and employee income tax of $5,870. Employee benefits included CPP of $801 and EI of $363. 31 Remitted $5,800 HST pertaining to sales tax collected in February. Instructions a. Record the above transactions. b. Record any required adjusting entries at March 31. (The company records adjusting entries every month.) c. Prepare the current liabilities section of the statement of financial position at March 31

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