Using the information on CBS Corporation below, can you please identify each current liability and explain its nature? Also, can you please record the journal entries for the current liabilities based on the information provided.

CBS CORPORATION CURRENT LIABILITIES AND STOCKHOLDERS EQUITY:

Current Liabilities:

$1.$ Accounts Payable:

Nature: Amounts owed to suppliers for goods and services purchased on credit.

Beginning Balance: $$35,000$

Transactions during the year:

January $5$: Paid $$35,000$ to Supplier C for outstanding invoices for the prior period.

June $15$: Purchased $$30,000$ of inventory on credit from Supplier A$.$

July $15$: Paid $$30,000$ to supplier A$.$

October $29$: Purchased $$10,000$ of inventory on credit from Supplier B$.$

November $15$: Purchased $$40,000$ of inventory on credit from Supplier C$.$

November $28$th: Paid $$10,000$ to Supplier B$.$

December $3$: Purchased $$20,000$ of office supplies on credit from Supplier C$.$

Ending Balance: $$60,000.$

$2.$ Short$-$Term Loans Payable

$-$Nature: Short$-$term borrowings from financial institutions.

Transactions during the year:

April $1$: Obtained a $$50,000,6\%$ interest, $1-$year loan from Bank X to support seasonal business needs.

As of year$-$end no installment payments have been made and interest will need to be accrued.

The company had an opening balance in loans payable of $$0.$

$3.$ Accrued Operational Expenses:

$-$Nature: Expenses that have been incurred but not yet paid.

$-$Transactions during the year:

$-$December $31$: Accrued $$15,000$ for employee salaries and $$5,000$ for utility expenses for the year$-$end period.

$4.$ Unearned Revenue:

$-$Nature: Revenue required in advance, services or products not yet delivered.

$-$Transactions during the year:

$-$September $20$: Received $$30,000$ in advance for a maintenance service contract starting October of this year.

$-$As of the December $31$ year$-$end they have not yet earned any of this revenue.

$-$Stockholders' Equity:

$1.$ Common Stock

$-$Background: Common stock represents the ownership interest in the company held by its shareholders.

$-$Transactions during the year:

$-$Opening Balance: Common stock had an opening balance of $$25,000$ and Paid$-$in capital had an opening balance of $$125,000$ from the previous fiscal year.

Common Stock Issuance: On January $1,$ the company issued $5,000$ additional shares of common stock at $$10$ per share with a par value of $$1$ per share.

$-$Paid$-$in capital: The amount paid by shareholders for the common stock issued is reflected in the Paid$-$in Capital Account.

$-$Ending Balance: The ending balance of common stock is $$30,000$ and paid in capital is $$170,000,$ representing the total value of common stock issued and outstanding at the end of the fiscal year.

$-$Shares Outstanding: The number of shares outstanding at the end of the fiscal year is $25,000(20,000$ shares from the previous year$+5,000$ additional shares issued during the current year$)$

$2.$ Retained Earnings:

$-$Opening Balance: Retained Earnings had an opening balance of $$120,000$ from the previous fiscal year.

$-$Net income for the year: The company generated a net income of $$80,000$ during the fiscal year.

Cash Dividends Paid: The company paid cash dividends of $$40,000$ to shareholders.

CBS CORPORATION CHART OF ACCOUNTS AND BALANCE INFORMATION:

Chart of Accounts:

Assets:

$101$ Cash

$102$ Accounts Receivable

$103$ Inventory

$104$ Fixed Assets

$105$ Accumulated Depreciation

Liabilities:

$201$ Accounts Payable

$202$ Short$-$Term Loans Payable

$203$ Accrued Operational Expenses

$204$ Unearned Revenue

Equity:

$301$ Common Stock

$302$ Paid$-$in$-$capital

$303$ Retained Earnings

Beginning Balances:

Cash: $$15,000$

Accounts Receivable: $$20,000$

Inventory: $$20,000$

Fixed Assets: $$300,000$

Accumulated Depreciation: $$50,000$

Accounts Payable: $$35,000$

Common Stock: $$25,000$

Paid in Capital: $$125,000$

Retained Earnings: $$120,000$

Assets Only $($Ending Balances$)$

Cash: $$30,000$

Accounts Receivable: $$190,000$

Inventory: $$100,000$

Property, Plant, and Equipment: $$300,000$

Accumulated Depreciation: $$100,000$