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The post-closing trial balance at 30 June 2020 of Payneham Professional Services is shown below. Transactions...

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 $85,340. 2. Consulting fees of $91,680 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 $15,240, plus GST. 4. Office supplies were purchased during the year for $400 plus GST in cash and $440 plus GST on credit. 5. Tat withdrew $26,000 for private use. 6. Salary payments amounted to $33,220, of which $440 was for salaries accrued in the year ended 30 June 2019. 7. Advertising totalling $3,490 plus GST was purchased on credit. 8. Electricity expense of $3,740 plus GST was paid. 9. Accounts payable of $3,000 were paid. 10. GST payable of $9,480 less GST receivable of $2,500 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 $790. 12. Depreciation on the furniture and equipment is $4,780. 13. Salaries earned but not paid amount to $1,230. 14. Rent paid in advance in transaction 3. Rent for 6 months of $7,620 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 $15,390 Accounts receivable 1101 9,820 Prepaid rent 1102 1,270 GST receivable 1105 2,330 Office supplies 1106 1,370 Furniture and equipment 1110 29,870 Accumulated depreciation ― furniture and equipment 1111 $10,110 Accounts payable 2200 5,660 Salaries payable 2201 440 GST payable 2203 5,320 Tat Chiang, capital 3000 38,520 $60,050 $60,050 Collapse question part

(a) 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.

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ekkarill92 answered 2 years ago
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