The annual maintenance agreement for fire extinguishers and sprinklers was paid on 30 November 2021,

$5082 ($4620 + $462 GST). The business prepares monthly accounts and wants them to accurately reflect the matching of revenue and expenses and uses the monthly standing journal method to allocate this annual expense. It uses maintenance prepaid and the expense account maintenance, which had a balance of $1700 on 1 December 2021.

You are required to prepare:

• payment of the maintenance agreement on 30 November in general journal format

• standing journal for the end of December 2021

• extract general ledger for the prepayment and the expense accounts to 30 June 2022, and

• extracts of the income statement and balance sheet for 30 June 2022.