On January 1, 2015, Burlington Inc. s general ledger contained these opening balances for its…On January 1, 2015, Burlington Inc. s general ledger contained these opening balances for its…

On January 1, 2015, Burlington Inc. s general ledger contained these opening balances for its liability accounts: Accounts payable ………………………. $52,000 CPP payable ……………………………. 3,810 EI payable ……………………………… 1,598 Sales tax payable ………………………. $18,000 Income tax payable ……………………. 7,700 Unearned revenue ……………………… 16,000 The following selected transactions occurred during the month. Jan. 5 Sold merchandise for cash totalling $20,000, plus 5% GST and 7% PST. The cost of goods sold was $14,000. Burlington uses a perpetual inventory system. 13 Paid $18,000 ($7,500 GST to the Receiver General and $10,500 PST to the provincial Minister of Finance) for sales taxes collected in December. 14 Paid $13,108 to the Receiver General for amounts owing from the December payroll for the employee payroll deductions of $10,271 (CPP $1,905, EI $666, and income tax $7,700) and employee benefits of $2,837 (CPP $1,905 and EI $932). 15 Borrowed $18,000 from HSBC Bank for three months; 6% interest is payable monthly on the 15th of each month. 19 Provided services for customers who had made advance payments of $11,200. This amount includes applicable GST and PST, which is not payable until the related revenue is earned. 22 Paid $32,000 to trade creditors on account. 28 Received assessment of property taxes of $4,200 for the calendar year. They are paya