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.

Question

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.

Quizplus · Accepted Answer

The Answer of 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.

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