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Collections on accounts receivable totalled $86,980.Consulting fees of $93,440 plus GST of 10% were receivable during the year.

1.Collections on accounts receivable totalled $86,980.

2.Consulting fees of $93,440 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 $15,450, plus GST.

4.Office supplies were purchased during the year for $400 plus GST in cash and $450 plus GST on credit.

5.Tat withdrew $26,500 for private use.

6.Salary payments amounted to $33,860, of which $450 was for salaries accrued in the year ended 30 June 2019.

7.Advertising totalling $3,560 plus GST was purchased on credit.

8.Electricity expense of $3,820 plus GST was paid.

9.Accounts payable of $3,050 were paid.

10.GST payable of $9,670 less GST receivable of $2,540 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 $810.

12.Depreciation on the furniture and equipment is $4,880.

13.Salaries earned but not paid amount to $1,250.

14.Rent paid in advance in transaction 3. Rent for 6 months of $7,725 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 $15,690

Accounts receivable 1101 $10,010

Prepaid rent 1102 $ 1,290

GST receivable 1105 $ 2,370

Office supplies 1106 $ 1,400

Furniture and equipment 1110 $ 30,440

Accumulated depreciation ― furniture and equipment 1111 $10,300

Accounts payable 2200 $ 5,770

Salaries payable 2201 $ 450

GST payable 2203 $ 5,430

Tat Chiang, capital 3000 $39,250

$61,200 $61,200

Question 1. 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.)

Use below when it required:

1/7/20 Balance b/d

30/6/21 Balance c/d

1/7/21 Balance b/d

Cash at bank1100 

Accounts receivable1101 

Prepaid rent1102 

GST receivable1105 

Office supplies1106 

Furniture and equipment1110 

Accumulated depreciation ― furniture and equipment1111 

Accounts payable2200 

Salaries payable2201 

GST payable2203 

Tat Chiang, capital3000 


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