Question
The post-closing trial balance at 30 June 2017 of Payneham Professional Services is shown below. Transactions completed during the year ended 30 June 2018 are
The post-closing trial balance at 30 June 2017 of Payneham Professional Services is shown below. Transactions completed during the year ended 30 June 2018 are summarised below:
1. | Collections on accounts receivable totalled $98,470. | |
2. | Consulting fees of $105,780 plus GST of 10% 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 $17,500, plus GST. | |
4. | Office supplies were purchased during the year for $460 plus GST in cash and $500 plus GST on credit. | |
5. | Tat withdrew $30,000 for private use. | |
6. | Salary payments amounted to $38,330, of which $500 was for salaries accrued in the year ended 30 June 2016. | |
7. | Advertising totalling $4,030 plus GST was purchased on credit. | |
8. | Electricity expense of $4,320 plus GST was paid. | |
9. | Accounts payable of $3,460 were paid. | |
10. | GST payable of $10,940 less GST receivable of $2,880 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 $910. | |
12. | Depreciation on the furniture and equipment is $5,520. | |
13. | Salaries earned but not paid amount to $1,420. | |
14. | Rent paid in advance in transaction 3. Rent for 6 months of $8,750 plus GST was paid in advance on 1 August and 1 February. |
Payneham Professional Services Post-closing trial balance as at 30 June 2017 | ||||||
Account | Account no. | Debit | Credit | |||
Cash at bank | 1100 | $17,760 | ||||
Accounts receivable | 1101 | 11,330 | ||||
Prepaid rent | 1102 | 1,460 | ||||
GST receivable | 1105 | 2,690 | ||||
Office supplies | 1106 | 1,580 | ||||
Furniture and equipment | 1110 | 34,460 | ||||
Accumulated depreciation furniture and equipment | 1111 | $11,660 | ||||
Accounts payable | 2200 | 6,530 | ||||
Salaries payable | 2201 | 500 | ||||
GST payable | 2203 | 6,140 | ||||
Tat Chiang, capital | 3000 | 44,450 | ||||
$69,280 | $69,280 |
1.prepare jounal entries from trANSACTION 1 to 14
2. 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 2017 balances.
3. jounalise and post the adjusting entries
4.prepare 10 column worksheet for the year ended 30 june 2017
5.prepare income statement, change in equity and balance sheet
6.journalise and post the closing entries
7.prepare the post closing trial balance
8.prepare any suitable reversing entries on 1 july 2017
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