Prepare the journal entry for the following transaction.

A summary of the transactions entered into by the company in FY 2020 are as follows: Transaction During the year Platinum Pty Lad incurred $78097 of wages costs. The company has paid this amount in hul by the end of the year. In addition the company also paid all wages owing from During the year, the accountanta at Patinum Ply Ltd determine that apreciation should be recorded at $14.50. They estimate that 10% of the depreciation la rotated to selling activities with the remaining related to administration By the end of the year, Platinum Pty Ltd collects from its debtors a total of $33083 During the yearPatinum Pty Ltd also purchased $49000 of inventory in cash from its suppliers of higher value add material At the end of the year. Platinum Pty Lid declares and pays $34535 dividend to shareholders Platinum Pty Ltd has paid ait of a company income tax owing from the previoun period in addition, the company incur a further $286286 in corporate income tax that it will pay next year 7 During the you anum Pty Lad repay $30472 of a bank dubt. The remaining borrowings are to be read over the following ten years. On the borrowings of Platinum Pty Lid, during the year the bank charged Platnun PLM 513405 in interest. This amount was directly charged to the bank account of the company During the year Platinum Py Lid receives a great for innovation of $76466 By the end of the year, Patinum Phylld pays off $19003 of debts owing to trade creditors. During the year Platinum Ply Lid makes $1000 in sale on credit forms of 30 days. These are were carried in lewentory at a value of $200 11 During the year annum Illud purchased an accoon S000 of motor vehiden. Met the mount was paid in cash, win the remaining hunt on credit. The content determines that the be located liabilities 12 During the you. Platinum Ply Lid purchased A1000 of inventory from its suppliers of raw materials. The inventory was purchased on credit 13 During the vow Patrum Pyld makes a sale of 81000 of this amount, 60% was paid in cash in the remainder on credit terms of 60 days. The inventory for this sale was carried at a value of S11600 14 At the start of the year Platinum Ply Lid estended its lease on is promises for 12 months. Each month of rent costs $1000, and the company pays to rent on a monty bass by direct debit to bank account During the year Platinum Pty Ladies 23000 shares to a new investors. These shares are sued at an average price of 56 per share By the end of the you. Platinum Pty Ltd es up the remainder of its previous insurance contract that was prepaid in the previous year, Hallway into the year, the company wions a new contract for the next twelve months of insurance paying, $4800 upfront 10 16 16 3 FY 2020 Transaction data A summary of the transactions entered into by the company in FY 2020 are as follows: Transaction During the year. Platinum Pty Lad incurred $18097 of wages costs. The company has paid this amount in full by the end of the year. In addition, the company also paid all wages owing from During the year, the accountants et Platinum Pty Ltd determine that depreciation should be recorded at $14450. They estimate that 10% of the depreciation is related to selling activities, with By the end of the year, Platinum Pty Ltd collects from its debtors a total of $33083. During the year, Platinum Pty Lad also purchased $49000 of inventory in cash from its suppliers of higher value add material Al the end of the year, Platinum Pty Ltd declares and pays a $34535 dividend to its shareholders. Platinum Pty Lad has paid all of its company income tax owing from the previous period. In addition, the company incurs a further $26296 in corporate income tax that it will pay next year. 7 During the year, Platinum Pty Lad repay $38472 of its bank debt. The remaining borrowings are to be repaid over the following ten years. On the borrowings of Platinum Pty Lod, during the in This B During the year Platinum Pty Lad receives a grant for innovation of S76466. By the end of the year, Platinum Pty Lid pays off $19003 of debts owing to its trade creditors During the year Platinum Pty Ltd makes $31000 in sales on credit terms of 30 days. These sales were carried in inventory at a value of $6200 During the year, Platinum Pty Lad purchased an additional $14000 of motor vehicles. Half the amount was paid in cash, with the remaining half on credit. The accountant determines that the credit amount should be allocated to other current liabilities During the year, Platinum Pty Lid purchased $49000 of inventory from its suppliers of raw materials. The inventory was purchased on credit During the year Platinum Pty Ltd makes a sale of $59000. Or this amount. 80% was paid in cash with the remainder on credit forms of 60 days. The inventory for this sale was carried at a At the start of the year, Platinum Pty Ltd extended its lease on ta premises for 12 months. Each month of rent costs $1000, and the company pays its rent on a monthly basis by direct debit to its bank account During the year Platinum Pty Ltd issues 23000 shares to a new investors. These shares are issued at an average price of $8 per share. By the end of the year. Platinum Pty Lid uses up the remainder of its previous insurance contract that was prepaid in the previous year. Halfway into the year, the company signs a new contract for the next twelve months of insurance paying $4000 upfront. 9 10 11 12 13 14 15 16 Borrowings are to be repaid equally over the relevant form FY 2019 Balances The balances of relevant accounts at the end of FY 2019 are as follows: Account Type Value Borrowings Liability 192360 Cash and cash equivalents Asset 65659 Contributed equity Equity 20578 Current tax payable Liability 3089 Inventories Asset 33749 Investments Asset 171940 Other current assets Asset 2028 Other current liabilities Liability 2023 Property, plant and equipment (Net) Asset 144502 Retained earnings Equity 212153 Trade payables Liability 17353 Trade receivables Asset 29678 The opening balance of other current assets is comprised entirely of prepaid insurance. The opening balance of other current liabilities is comprised entirely of wages payable. 4 FY 2020 Transaction data A summary of the transactions entered into by the company in FY 2020 are as s we as follows: Transaction During the year. Platinum Pty Ltd incurred $18097 of wages costs. The company has paid this amount in full by the end of the year. In addition, the company also paid al wages owing from During the year, the accountants at Platinum Pty Lid determine that depreciation should be recorded at $14450. They estimate that 10% of the depreciation is related to selling activities, with By the end of the year, Platinum Pty Ltd collects from its debtors a total of $33083. During the year, Platinum Pty Ltd also purchased $49000 of inventory in cash from its suppliers of higher value add material At the end of the year, Platinum Pty Lad declares and pays a $34535 dividend to its shareholders Platinum Pty Ltd has paid all of its company income tax owing from the previous period. In addition, the company incurs a further $26296 in corporate income tax that it will pay next year. During the year, Platinum Pty Ltd repay $38472 of its bank debt. The remaining borrowings are to be repaid over the following ten years. On the borrowings of Platinum Pty Ltd, during the charged Platinum $in During the year Platinum Pty Ltd receives a grant for innovation of $76466. By the end of the year, Platinum Pty Led pays off $19003 of debts owing to its trade creditors. During the year Platinum Ply Ltd makes $31000 in sales on credit terms of 30 days. These sales were carried in inventory at a value of $6200 During the year. Platinum Pty Ltd purchased an additional $14000 of motor vehicles. Hall the amount was paid in cash, with the remaining hall on credit. The accountant determines that the credit amount should be allocated to other current abilities. During the year, Platinum Ply Ltd purchased 549000 of Inventory from its suppliers of raw materials. The inventory was purchased on credit During the year Platinum Pty Lad makes a sale of $59000 of this amount, 60% was paid in cash with the remainder on credit terms of 60 days. The inventory for this sale was carried at a . At the start of the year, Platinum Ply Ltd extended ts lease on its promises for 12 months. Each month of ront costs $1000, and the company pays its rent on a monthly basis by direct debit to is bank account During the year Platinum Pty Ltd issues 23000 shares to a new investors. These shares are issued at an average price of $8 por share. By the end of the year Platinum Pty Ltd nas up the remainder of tu previous Insurance contract that was prepaid in the previous your Hallway into the year, the company wigno a new contract for the next twelve months of insurance, paying, $4800 upfront. 8 9 10 11 12 13 14 15 16 Borrowings are to be repaid equally over the relevant torm. FY 2019 Balances The balances of relevant accounts at the end of FY 2019 are as follows: Account Type Value Borrowings Liability 192360 Cash and cash equivalents Asset 65659 Contributed equity Equity 20578 Current tax payable Liability 3089 Inventories Asset 33749 Investments Asset 171940 Other current assets Asset 2028 Other current liabilities Liability 2023 Property, plant and equipment (Net) Asset 144502 Retained earnings Equity 212153 Trade payables Liability 17353 Trade receivables Asset 29678 The opening balance of other current assets is comprised entirely of prepaid insurance. The opening balance of other current liabilities is comprised entirely of wages payable. A summary of the transactions entered into by the company in FY 2020 are as follows: Transaction During the year Platinum Pty Lad incurred $78097 of wages costs. The company has paid this amount in hul by the end of the year. In addition the company also paid all wages owing from During the year, the accountanta at Patinum Ply Ltd determine that apreciation should be recorded at $14.50. They estimate that 10% of the depreciation la rotated to selling activities with the remaining related to administration By the end of the year, Platinum Pty Ltd collects from its debtors a total of $33083 During the yearPatinum Pty Ltd also purchased $49000 of inventory in cash from its suppliers of higher value add material At the end of the year. Platinum Pty Lid declares and pays $34535 dividend to shareholders Platinum Pty Ltd has paid ait of a company income tax owing from the previoun period in addition, the company incur a further $286286 in corporate income tax that it will pay next year 7 During the you anum Pty Lad repay $30472 of a bank dubt. The remaining borrowings are to be read over the following ten years. On the borrowings of Platinum Pty Lid, during the year the bank charged Platnun PLM 513405 in interest. This amount was directly charged to the bank account of the company During the year Platinum Py Lid receives a great for innovation of $76466 By the end of the year, Patinum Phylld pays off $19003 of debts owing to trade creditors. During the year Platinum Ply Lid makes $1000 in sale on credit forms of 30 days. These are were carried in lewentory at a value of $200 11 During the year annum Illud purchased an accoon S000 of motor vehiden. Met the mount was paid in cash, win the remaining hunt on credit. The content determines that the be located liabilities 12 During the you. Platinum Ply Lid purchased A1000 of inventory from its suppliers of raw materials. The inventory was purchased on credit 13 During the vow Patrum Pyld makes a sale of 81000 of this amount, 60% was paid in cash in the remainder on credit terms of 60 days. The inventory for this sale was carried at a value of S11600 14 At the start of the year Platinum Ply Lid estended its lease on is promises for 12 months. Each month of rent costs $1000, and the company pays to rent on a monty bass by direct debit to bank account During the year Platinum Pty Ladies 23000 shares to a new investors. These shares are sued at an average price of 56 per share By the end of the you. Platinum Pty Ltd es up the remainder of its previous insurance contract that was prepaid in the previous year, Hallway into the year, the company wions a new contract for the next twelve months of insurance paying, $4800 upfront 10 16 16 3 FY 2020 Transaction data A summary of the transactions entered into by the company in FY 2020 are as follows: Transaction During the year. Platinum Pty Lad incurred $18097 of wages costs. The company has paid this amount in full by the end of the year. In addition, the company also paid all wages owing from During the year, the accountants et Platinum Pty Ltd determine that depreciation should be recorded at $14450. They estimate that 10% of the depreciation is related to selling activities, with By the end of the year, Platinum Pty Ltd collects from its debtors a total of $33083. During the year, Platinum Pty Lad also purchased $49000 of inventory in cash from its suppliers of higher value add material Al the end of the year, Platinum Pty Ltd declares and pays a $34535 dividend to its shareholders. Platinum Pty Lad has paid all of its company income tax owing from the previous period. In addition, the company incurs a further $26296 in corporate income tax that it will pay next year. 7 During the year, Platinum Pty Lad repay $38472 of its bank debt. The remaining borrowings are to be repaid over the following ten years. On the borrowings of Platinum Pty Lod, during the in This B During the year Platinum Pty Lad receives a grant for innovation of S76466. By the end of the year, Platinum Pty Lid pays off $19003 of debts owing to its trade creditors During the year Platinum Pty Ltd makes $31000 in sales on credit terms of 30 days. These sales were carried in inventory at a value of $6200 During the year, Platinum Pty Lad purchased an additional $14000 of motor vehicles. Half the amount was paid in cash, with the remaining half on credit. The accountant determines that the credit amount should be allocated to other current liabilities During the year, Platinum Pty Lid purchased $49000 of inventory from its suppliers of raw materials. The inventory was purchased on credit During the year Platinum Pty Ltd makes a sale of $59000. Or this amount. 80% was paid in cash with the remainder on credit forms of 60 days. The inventory for this sale was carried at a At the start of the year, Platinum Pty Ltd extended its lease on ta premises for 12 months. Each month of rent costs $1000, and the company pays its rent on a monthly basis by direct debit to its bank account During the year Platinum Pty Ltd issues 23000 shares to a new investors. These shares are issued at an average price of $8 per share. By the end of the year. Platinum Pty Lid uses up the remainder of its previous insurance contract that was prepaid in the previous year. Halfway into the year, the company signs a new contract for the next twelve months of insurance paying $4000 upfront. 9 10 11 12 13 14 15 16 Borrowings are to be repaid equally over the relevant form FY 2019 Balances The balances of relevant accounts at the end of FY 2019 are as follows: Account Type Value Borrowings Liability 192360 Cash and cash equivalents Asset 65659 Contributed equity Equity 20578 Current tax payable Liability 3089 Inventories Asset 33749 Investments Asset 171940 Other current assets Asset 2028 Other current liabilities Liability 2023 Property, plant and equipment (Net) Asset 144502 Retained earnings Equity 212153 Trade payables Liability 17353 Trade receivables Asset 29678 The opening balance of other current assets is comprised entirely of prepaid insurance. The opening balance of other current liabilities is comprised entirely of wages payable. 4 FY 2020 Transaction data A summary of the transactions entered into by the company in FY 2020 are as s we as follows: Transaction During the year. Platinum Pty Ltd incurred $18097 of wages costs. The company has paid this amount in full by the end of the year. In addition, the company also paid al wages owing from During the year, the accountants at Platinum Pty Lid determine that depreciation should be recorded at $14450. They estimate that 10% of the depreciation is related to selling activities, with By the end of the year, Platinum Pty Ltd collects from its debtors a total of $33083. During the year, Platinum Pty Ltd also purchased $49000 of inventory in cash from its suppliers of higher value add material At the end of the year, Platinum Pty Lad declares and pays a $34535 dividend to its shareholders Platinum Pty Ltd has paid all of its company income tax owing from the previous period. In addition, the company incurs a further $26296 in corporate income tax that it will pay next year. During the year, Platinum Pty Ltd repay $38472 of its bank debt. The remaining borrowings are to be repaid over the following ten years. On the borrowings of Platinum Pty Ltd, during the charged Platinum $in During the year Platinum Pty Ltd receives a grant for innovation of $76466. By the end of the year, Platinum Pty Led pays off $19003 of debts owing to its trade creditors. During the year Platinum Ply Ltd makes $31000 in sales on credit terms of 30 days. These sales were carried in inventory at a value of $6200 During the year. Platinum Pty Ltd purchased an additional $14000 of motor vehicles. Hall the amount was paid in cash, with the remaining hall on credit. The accountant determines that the credit amount should be allocated to other current abilities. During the year, Platinum Ply Ltd purchased 549000 of Inventory from its suppliers of raw materials. The inventory was purchased on credit During the year Platinum Pty Lad makes a sale of $59000 of this amount, 60% was paid in cash with the remainder on credit terms of 60 days. The inventory for this sale was carried at a . At the start of the year, Platinum Ply Ltd extended ts lease on its promises for 12 months. Each month of ront costs $1000, and the company pays its rent on a monthly basis by direct debit to is bank account During the year Platinum Pty Ltd issues 23000 shares to a new investors. These shares are issued at an average price of $8 por share. By the end of the year Platinum Pty Ltd nas up the remainder of tu previous Insurance contract that was prepaid in the previous your Hallway into the year, the company wigno a new contract for the next twelve months of insurance, paying, $4800 upfront. 8 9 10 11 12 13 14 15 16 Borrowings are to be repaid equally over the relevant torm. FY 2019 Balances The balances of relevant accounts at the end of FY 2019 are as follows: Account Type Value Borrowings Liability 192360 Cash and cash equivalents Asset 65659 Contributed equity Equity 20578 Current tax payable Liability 3089 Inventories Asset 33749 Investments Asset 171940 Other current assets Asset 2028 Other current liabilities Liability 2023 Property, plant and equipment (Net) Asset 144502 Retained earnings Equity 212153 Trade payables Liability 17353 Trade receivables Asset 29678 The opening balance of other current assets is comprised entirely of prepaid insurance. The opening balance of other current liabilities is comprised entirely of wages payable