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 $80,420. 2. Consulting fees of $86,390 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 $15,120, plus GST. 4. Office supplies were purchased during the year for $370 plus GST in cash and $410 plus GST on credit. 5. Tat withdrew $24,500 for private use. 6. Salary payments amounted to $31,300, of which $410 was for salaries accrued in the year ended 30 June 2019. 7. Advertising totalling $3,290 plus GST was purchased on credit. 8. Electricity expense of $3,530 plus GST was paid. 9. Accounts payable of $2,820 were paid. 10. GST payable of $8,940 less GST receivable of $2,350 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 $740. 12. Depreciation on the furniture and equipment is $4,510. 13. Salaries earned but not paid amount to $1,160. 14. Rent paid in advance in transaction 3. Rent for 6 months of $7,560 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. Cash at bank 1100 Accounts receivable 1101 Prepaid rent 1102 GST receivable 1105 Office supplies 1106 Furniture and equipment 1110 Accumulated depreciation furniture and equipment 1111 Accounts payable 2200 Salaries payable 2201 GST payable 2203 Tat Chiang, capital 3000 Debit Credit $14,500 9,250 1,260 2,200 1,290 28,150 $9,530 5,330 410 5,020 36,360 $56,650 $56,650 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 2020 balances. (Leave blank any answer fields that do not require an answer.) Cash at bank 1100 1/7/20 Balance b/d 4 14500 Accounts receivable 1101 1/7/20 Balance b/d 4 9250 Prepaid rent 1102 1/7/20 Balance b/d 1260 GST receivable 1105 1/7/20 Balance b/d 4 2200 1106 Office supplies 1/7/20 Balance b/d 1290 1110 Furniture and equipment 1/7/20 Balance b/d 28150 1111 Accumulated depreciation - furniture and equipment 30/6/21 Balance c/d 9530 Accounts payable 2200 30/6/21 Balance c/d 5330 Salaries payable 2201 30/6/21 Balance c/d 410 Salaries payable 2201 30/6/21 Balance c/d 410 GST payable 2203 30/6/21 Balance c/d 5020 Tat Chiang, capital 3000 30/6/21 c/d 36360 Prepare journal entries to record the transactions numbered 1-10. (Enter debit entries first, followed by credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account number 3301 3320 4400 Account title Tat Chiang, drawings Profit or loss summary Consulting fees revenue Salaries expense Electricity expense Advertising expense Depreciation expense Rent expense Office supplies expense 5500 5503 5504 5505 5512 5513 Transaction no. Particulars Account no. Debit Credit 1. (Collection of receivables) 2. (Fees receivable for year) 3. (Rent paid for in advance) 4. (Office supplies purchased) 5. (Drawings by owner) 6. (Salaries paid) 7. (Purchase of advertising) 8. (Payments for electricity) 9. (Payment to creditors) 10. (GST paid to government)
