Credits Best Accounting Consulting Services Post-Closing Trial Balance as at 31 December, 2018 Account Account Number Debits Cash at Bank 1100 9,240 Accounts Receivable 1101 5,900 Prepaid Rent 1102 760 Vat Receivable 1105 1,400 1 820 17.950 6,080 Office Supplies 1106 Furniture and Equipment 1110 Accumulated Depreciation Furniture 1111 and Equipment Accounts Payable 2200 3,400 Salaries Payable 2201 260 Vat Payable 2203 3.200 Capital - Mr. John Finau 3000 23,130 Total S36,070 $36,070 The current financial year of the company starts from 1 January, 2019 and ends on 31" December, 2019. The transactions completed during the year ended 31" December, 2019 are as follows: A. Collections on accounts receivable amounted to $51,820. B. Accounting consulting services fee of $55,720 plus vat of 10% were receivable during the year. Clients are invoiced after services are provided and they are given a credit term of 30 days to pay off their accounts. C. Rent was paid in advance amounting to $9,120 plus 10% vat. D. Office supplies were purchased during the year for $240 plus 10% vat in cash and $260 plus 10% vat on credit E. The owner withdrew $16,000 cash for private expenditure purposes. F. Salary payments amounted to $19,960 of which $260 was for salaries accrued to the end of the year ending 31" December, 2018. G. Advertising expense amounting to $2,100 plus 10% vat was purchased on credit. H. Electricity expense of $2,250 plus 10% vat was paid. 1. Accounts payable were paid $1,800 cash. J. Vat payable of $5,700 less Vat Receivable of $1,500 were forwarded in cash to the Taxation Department of Fiji