ou are an undergraduate accountant working part-time completing bookwork and other accounting related jobs for a small business located in Toowoomba. Mike Patel is the owner of Mike's TV Solutions, a small business specialising in the installation and repair of televisions, which he started several years ago. Mike operates the business himself and employs nine other staff members, three apprentices, 5 tradesmen and yourself, to assist him. The business is registered for GST. Mike's TV Solutions specialises in the installation of brand-new televisions that the client has purchased elsewhere and requires a tradesperson to install the TV, wall mount if required, install an antenna, tune the TV and set the channels etc. The business provides other services such as repairing existing televisions, installing Pay TV dishes, setting up media rooms etc. Mike has a variety of clients including lucrative contracts with large builders and rental property managers with whom he has built up strong relationships. He offers them terms of 30 days. Mike submits his Business Activity Statement (BAS) monthly on an accruals basis and pays GST and PAYG Tax monthly. The next payment is due on May 31 st . The business is operated from a commercial shed which was purchased by Mike for $696,000 three years ago. To finance this purchase Mike took out a loan over a fifteen-year period at a variable interest rate. Currently the business uses a manual accounting system. However, you have been investigating the advantages of moving from a manual accounting system to a cloud-based accounting system and you have convinced Mike that the business should move to using the Xero accounting system in June.

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Post the journal entries to the General ledger (note subsidiary ledgers are not required).

d. Prepare the Unadjusted Trial Balance. and prepare Adjusted Trial Balance. f. Prepare Closing entries. g. Prepare Profit and Loss Statement, Statement of Changes in Equity, and Balance Sheet.

Mike's TV Solutions Accounts Payable General Journal (to record purchase of office equipment on credit) for the month ended 31/05/2021 5/14/2021 Wages Expense $ 23,520 late Particulars Post ref DI Cr PAYG Payable 3,1 1 May 2021 Prepaid Vehicle Insurance 12,000 Cash at Bank 20,4 130 GST 1,200 (to record payment of wages and PAYG accrual) Cash at Bank 110 $ 13,200 5/14/2021 Cash at Bank $ 58,080 GST 5.2 (to record 12 month vehicle insurance paid in advance) 6 to 5/2/2021 Accounts Payable 210 $ 36,876 TV Installation Services Revenue 52,8 Cash at Bank 110 $ 36,876 (to record cash services performed) (to record payment of accounts payable) 5/15/2021 Cash at Bank $ 37,800 5/4/2021 TV Installation Supplies 510 7,000 Accounts Receivable $ 37,8 GST 700 (to record receipt of money from Rey Whyte) Accounts Payable 210 7,700 5/16/2021 M. Patel Drawings 150,000 Cash at Bank S 150.0 (to record purchase of TV installation supplies on credit) 5/6/2021 Cash at Bank $ 79.200 (to record drawings taken by owner) $ 79,200 5/19/2021 Cash at Bank $ 26,400 Accounts Receivable (to record receipt of cash from Met Smith Prop Memt) Unearned Revenue 24.0 5/8/2021 Accounts Receivable S 114,180 GST 2,4 GST 10,380 (to record money received in advance for work to be performed in June) TV Installation Services Revenue 103,800 5/21/2021 Fuel Expense 2,000 GST 200 (to record invoice issued to Rey Whyte for services performed) 5/10/2021 TV Installation Equipment 192,000 Cash at Bank 2.2 GST 19,200 (to record payment of fuel bill) Cash at Bank 19,200 5/28/2021 Wages Expense $ 23,520 Bank Loan 192,000 PAYG Payable 3,12 Cash at Bank 20.4 (to record purchase of TV installation equipment with $19200 cash deposit and loan balance) 5/12/2021 Mobile phone & Internet Expense $ 500 (to record payment of wages and PAYG accrual) GST 50 5/28/2021 TV Installation Supplies $ 1,920 Cash at Bank $ $50 GST $ 192 (to record payment of mobile phone and internet bill) Cash at Bank $ 2,1 5/12/2021 Advertising Expense $ 300 to record purchase of TV installation supplies for cash) 30 5/28/2021 Accounts Receivable $ GST 105,732 Cash at Bank $ 330 GST 9,61 (to record payment of advertising bill) TV Installation Services Revenue 96,1 5/13/2021 Office Equipment 3,500 (to record issue of invoice to Bell Property for work performed) GST 350 5/28/2021 Accounts Payable $ 7,700