The postclosing trial balance at 30 June 2019 of Payneham Professional Services is shown below. Transactions completed

Question:

The post‐closing trial balance at 30 June 2019 of Payneham Professional Services is shown below.

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Transactions completed during the year ended 30 June 2020 are summarised below.

1. Collections on accounts receivable totalled $82 060.

2. Consulting fees of $88 150 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 $14 580.

4. Office supplies were purchased during the year for $380 in cash and $420 on credit.

5. Tat withdrew $25 000 for private use.

6. Salary payments amounted to $31 940, of which $420 was for salaries accrued to the end of the year ending 30 June 2020.

7. Advertising totalling $3360 was purchased on credit.

8. Electricity expense of $3600 was paid.

9. Accounts payable of $2880 were paid. The following additional information should be considered for adjusting entries.

10. Unused office supplies on hand at the end of the year totalled $760.

11. Depreciation on the furniture and equipment is $4600.

12. Salaries earned but not paid amount to $1180.

13. Rent paid in advance in transaction 3. Rent for 6 months of $7290 was paid in advance on 1 August and 1 February.

Required

(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 2019 balances.

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