LO3, 4, 5 The post-closing trial balance at 30 June 2019 of Payneham Professional Services is shown below. 5.28 The complete accounting cycle PAYNEHAM PROFESSIONAL SERVICES Post-Closing Trial Balance as at 30 June 2019 Account Account no. Debit Credit Cash at bank Accounts receivable Prepaid rent Office supplies Furniture and equipment Accumulated depreciationfurniture and equipment Accounts payable Salaries payable Tat Chiang, Capital $14800 9440 1220 1 320 28 720 1100 1102 1106 1110 2200 2201 3000 $ 9720 5440 420 39 920 $5550055500 Transactions completed during the year ended 30 June 2020 are summarised below 1. Collections on accounts receivable totalled $82 060 2. Consulting fees of $88 150 were receivable during the year. Clients are invoiced after services are provided and are given 30 days in which to pay 3. Rent paid in advance was $14580 4. Office supplies were purchased during the year for $380 in cash and $420 on credit. 5. Tat withdrew $25 000 for private use 6. Salary payments amounted to $31 940, of which $420 was for salaries accrued to the end of the year ending 30 June 2020 7. Advertising totalling $3360 was purchased on credit. 8. Electricity expense of $3600 was paid 9. Accounts payable of $2880 were paid The following additional information should be considered for adjusting entries. 10. Unused office supplies on hand at the end of the year totalled $760 11. Depreciation on the furniture and equipment is $4600 12. Salaries earned but not paid amount to $1180 13. Rent paid in advance in transaction 3. Rent for 6 months of $7290 was paid in advance on 1 August and 1 February Required (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 2019 balances Account Account number Tat Chiang, Drawings Profit or Loss Summary Consulting Fees Revenue Salaries Expense Electricity Expense Advertising Expense Depreciation Expense Rent Expense Office Supplies Expense 3301 3320 4400 5500 5503 5504 5505 5512 5513 (b) Prepare journal entries to record the transactions numbered 1-9. (c) Post the entries to the T accounts (d) Journalise and post the adjusting entries. (e) Prepare a 10-column worksheet for the year ended 30 June 2020. (f) Prepare an income statement, a statement of changes in equity and a balance sheet. (g) Journalise and post the closing entries. (h) Prepare a post-closing trial balance (i) Prepare any suitable reversing entries on 1 July 2020