Company ABC, a company based in Brandon, Manitoba, had the following transactions in the month of October 2022:

October 1: obtained a $75,000 short-term loan from their bank and used $10,000 of this amount to pay outstanding accounts payable that same day. Interest is charged at 4% per annum, based upon the average balance outstanding during the month. Interest is paid on the last day of each month.

October 3: Sold goods for $17,000 on which HHL had previously received a $5,500 deposit. The balance is due in 30 days. The cost of these goods is $12,500.

October 7: A customer paid $5,000 for services that will be performed in November 2023.

October 13: Received a letter from Meighen Haddad LLP (barristers and solicitors) informing HHL that a past employee is suing for failure to provide a safe working environment. Meighen Haddad LLP believes that HHL will likely have to pay damages in the amount of $10,000.

October 15: Bought $23,750 of inventory on credit, terms of 30 days

October 16: Made a $20,000 payment on the line of credit.

October 25: Sold $16,600 of goods half for cash, half for credit. The cost of these goods is $12,000.

October 31: Paid monthly payroll amounts to employees. Gross payroll for the month was $17,000. The amounts below were withheld from the employees cheques. On this same date, Powell records their liability for amounts due to the government for CPP and EI. Powell matches the employees contributions for both EI and CPP.

CPP.$1,200

EI..$1,900

Income taxes..$3,300

Prepare the journal entries for HHL for the month of October. Date all your entries.