question 5.28

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 su 1. Collections on accounts receivable totalled $78,780. 2 . Consulting fees of $84,620 plus GST of 10% were receivable during the year. Clients are invoiced after services are provided and are given 30 days in which to 3. Rent paid in advance was $15,060, plus GST. 4. Office supplies were purchased during the year for $360 plus GST in cash and $400 plus GST on credit. 5 . Tat withdrew $24,000 for private use. 6 . Salary payments amounted to $30,660, of which $400 was for salaries accrued in the year ended 30 June 2019. 7 . Advertising totalling $3,230 plus GST was purchased on credit. 8. Electricity expense of $3,460 plus GST was paid. 9 . Accounts payable of $2,760 were paid. 10. GST payable of $8,760 less GST receivable of $2,300 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 $730. 12. Depreciation on the furniture and equipment is $4,420. 13. Salaries earned but not paid amount to $1,130. 14. Rent paid in advance in transaction 3. Rent for 6 months of $7,530 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 $14,210 Accounts receivable 1101 9 060Payneham Professional Services Post-closing trial balance as at 30 June 2020 Account Account no. Debit Credit Cash at bank 1100 $14,210 Accounts receivable 1101 9,060 Prepaid rent 1102 1,255 GST receivable 1105 2,150 Office supplies 1106 1,270 Furniture and equipment 1110 27,570 Accumulated depreciation - furniture and equipment 1111 $9,330 Accounts payable 2200 5,220 Salaries payable 2201 400 GST payable 2203 4,920 Tat Chiang, capital 3000 35,645 $55,515 $55,515\fTat Chiang, capital 3000 Click if you would like to Show Work for this question: Open Show Work