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End of Chapter Problem 5.28 The post-closing trial balance at 30 June 2020 of Payneham Professional Services is shown below. Transactions completed during the year ended 30 June 2021 are summarised below: 1. Collections on accounts receivable totalled $77,140. IN Consulting fees of $82,860 plus GST of 10% were receivable during the year. Clients are invoiced after services are provided and are given 30 days in which to pay. Rent paid in advance was $15,000, plus GST. Office supplies were purchased during the year for $360 plus GST in cash and $390 plus GST on credit. Tat withdrew $23,500 for private use. Salary payments amounted to $30,020, of which $390 was for salaries accrued in the year ended 30 June 2019. 7 . Advertising totalling $3,160 plus GST was purchased on credit. 8. Electricity expense of $3,380 plus GST was paid. 9. Accounts payable of $2,710 were paid. 10. GST payable of $8,570 less GST receivable of $2,260 were forwarded in cash during the year to the Australian Taxation Office. The following additional information should be considered for adjusting entries: 11. Unused office supplies on hand at the end of the year totalled $710. 12. Depreciation on the furniture and equipment is $4,320. 13. Salaries earned but not paid amount to $1,110. 14. Rent paid in advance in transaction 3. Rent for 6 months of $7,500 plus GST was paid in advance on 1 August and 1 February. Payneham Professional Services Post-closing trial balance as at 30 June 2020 Account Account no. Debit Credit Cash at bank 1100 $13,910 Accounts receivable 1101 8,870 Prepaid rent 1102 1,250 GST receivable 1105 2,110 Office supplies 1106 1,240 Furniture and equipment 1110 27,000 Accumulated depreciation - furniture and equipment 1111 $9,140 Accounts payable 2200 5,110 Salaries payable 2201 390 GST payable 2203 4,810 Tat Chiang, capital 3000 34,930 $54,380 $54,380 (a) Prepare the ledger of Payneham Professional Services by opening T accounts for the accounts listed in the post-closing trial balance and for the accounts listed below. Post the 30 June 2020 balances. (Leave blank any answer fields that do not require an answer.) Cash at bank 1100 ccounts receivable 1101(a) Prepare the ledger of Payneham Professional Services by opening T accounts for the accounts listed in the post-closing trial balance and for the accounts listed below. Post the 30 June 2020 balances. (Leave blank any answer fields that do not require an answer.) Cash at bank 1100 v v Accounts receivable 1101 Prepaid rent 1102 v GST receivable 1105 v v Office supplies 1106 v Fumiture and equipment 1110 v v Accumulated depreciation - furniture and equipment 1111 v Accounts payable 2200 v v Salaries payable 2201 v GST payable 2203 v at Chiang, capital 3000 Click if you would like to Show Work for this question: Open Show Work
