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Question 1 (12 marks) To start things off the owners wants you to look over a few of the current liabilities for the month. At the end of the year on December 31, 2020, DBT Inc.'s general ledger had these liability accounts: GST Payable $ 8,000 GST Receivable 5,000 CPP contributions payable $ 1,200 El premiums payable 560 Employee income tax deductions payable 5,700 Unearned revenue 7,350 DBT Inc. uses a periodic inventory system, operates in the Province of Alberta where GST is 5%, and follows ASPE. NOTE: For payments that include taxes, to calculate the amount before GST, divide the total payment by 1.05. DBT Inc.'s required premium for El is 1.4 times the employee premium; for CPP, it is equal to the employee contribution. In January 2021, the following transactions occurred: Jan. 5 Sold merchandise for $12,500 cash, plus GST. 12 Provided services for customers who had previously made advance payments of $7,350 which included GST. 14 Paid the Receiver General for Canada the GST on account for December 2020. 15 Paid the Receiver General for Canada for amounts owing from the December payroll for CPP, El, and income tax. 20 Purchased equipment on account for $1,323 taxes included. 31 Recorded and paid the monthly employee payroll. Gross salaries were $28,000. Amounts withheld include CPP of $1,100, El of $550, and income tax of $6,900. 31 Recorded employee benefits on behalf of the employer, which include CPP, EI. Required: Prepare all the journal entries necessary to record the transactions noted above as they occurred

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