Monmouth Limited Has a December 31 Year-End During December 20X6 Monmouth Engaged in the Following Transactions

Essay

Monmouth Limited has a December 31 year-end. On December 1, 20X6 Monmouth had the following current liabilities listed on its books: $$\begin{array} { | l | r | } \hline \text { Bank overdraft } & \$ 18,750 \\\hline \text { Accounts payable } & \$ 122,500 \\\hline \text { CPP, El and income tax payable } & \$ 6,620 \\\hline \text { Unearned revenues } & \$ 12,000 \\\hline\end{array}$$ During December 20X6 Monmouth engaged in the following transactions: Required:
1.Prepare all the journal entries required as a result of the above transactions.
2. Prepare the current liabilities section of the balance sheet at December 31, 20X6.