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

question 52

Essay

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: $Monmouth Limited has a December 31 year-end. On December 1, 20X6 Monmouth had the following current liabilities listed on its books: \begin{array} { | l | r | } \hline \text { Bank overdraft } & \$ 18,750 \\ \hline \text { Accounts payable } & \$ 122,500 \\ \hline \text { CPP, El and income tax payable } & \$ 6,620 \\ \hline \text { Unearned revenues } & \$ 12,000 \\ \hline \end{array} During December 20X6 Monmouth engaged in the following transactions: Required: 1.Prepare all the journal entries required as a result of the above transactions. 2. Prepare the current liabilities section of the balance sheet at December 31, 20X6.$ 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.

Definitions:

HR Demand

Refers to the quantity and quality of human resources that an organization requires to meet its operational objectives.

Trend Analysis

The practice of collecting information and attempting to spot a pattern, or trend, in the information.

Simple Regression

A statistical method used to model the relationship between a single independent variable and a dependent variable.

Independent Variable

In statistical analysis, a variable that is manipulated to determine its effects on a dependent variable.