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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
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 summarised below: 1. Collections on accounts receivable totalled $68,930. 2. Consulting fees of $74,050 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 $12,250, plus GST. 4. Office supplies were purchased during the year for $320 plus GST in cash and $350 plus GST on credit. 5. Tat withdrew $21,000 for private use. 6. Salary payments amounted to $26,830, of which $350 was for salaries accrued in the year ended 30 June 2019. 7. Advertising totalling $2,820 plus GST was purchased on credit. 8. Electricity expense of $3,020 plus GST was paid. 9. Accounts payable of $2,420 were paid. 10. GST payable of $7,660 less GST receivable of $2,020 were forwarded in cash during the year to the Australian Taxation
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