Prepare the journal entry for the following transaction.

Prepare the journal entry for the following transaction.

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. 3 4 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 Ltd incurred S16097 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 previous years. 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 Lid 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 year the bank charged Platinum Pty Lad 513465 in interest. This amount was directly charged to the bank account of the company 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 During the year Platinum Pty Ltd receives a grant for innovation of $76466 By the end of the year, Platinum Pty Ltd 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 your 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 Lid makes a sale of $59000, of this amount, 60% 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 As 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 Ply 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 was up the remainder of tu previous Insurance contract that was prepaid in the previous year, Hallway into the year, the company signo 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. 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. 3 4 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 Ltd incurred S16097 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 previous years. 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 Lid 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 year the bank charged Platinum Pty Lad 513465 in interest. This amount was directly charged to the bank account of the company 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 During the year Platinum Pty Ltd receives a grant for innovation of $76466 By the end of the year, Platinum Pty Ltd 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 your 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 Lid makes a sale of $59000, of this amount, 60% 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 As 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 Ply 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 was up the remainder of tu previous Insurance contract that was prepaid in the previous year, Hallway into the year, the company signo 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