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Record any required adjusting entries at January $31.($The company records adjusting entries at the end of every month.$).($Credit account titles are automatically indented when the amount is entered. Do not indent manually.

If no entry is required, select $"$No Entry" for the account titles and enter $O$ for the amounts. List debit entry before credit entry. Round answers to $0$ decimal places, e$.$g$.5,125.)$ On January $1,2024,$ Swifty Inc.$\text{'}$s general ledger contained these opening balances for its liability accounts:

The following selected transactions occurred during the month.

Jan. $5$ Sold inventory for cash totalling $$20,000,$ plus $5\%$ GST and $7\%$ PST$.$ The cost of goods sold was $$14,000.$ Swifty uses a perpetual inventory system.

$14$ Paid $$11,452$ to the government for amounts owing from the December payroll for the employee payroll deductions of $$9,473($CPP $$1,257,$ El $$516,$ and employee income tax $$7,700)$ and employee

benefits of $$1,979($CPP $$1,257$ and EI $$722).$

$15$ Borrowed $$18,000$ from Evergreen Finance Ltd$.$ by issuing a note payable due in three months; $6\%$ interest is payable at maturity.

$19$ Provided services for customers who paid $$11,100$ plus the applicable GST and PST$.$

$22$ Paid $$31,000$ to trade creditors on account.

$29$ Recorded pay owing to employees for the month. Gross salaries totalled $$39,000$ and payroll deductions included CPP of $$2,214,$ El of $$532,$ and employee income tax of $$5,590.$ Employee benefits included

CPP of $$2,214$ and $El$ of $$745.$

$31$ Remitted $$18,000($ $$7,500$ GST and $$10,500$ PST to the applicable governments$)$ for sales taxes collected in December.

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