The post-closing trial balance at 30 June 2017 of Payneham Professional Services is shown below.

Transactions completed during the year ended 30 June 2018 are summarised below:

 1.  Collections on accounts receivable totalled $82 060.

 2.  Consulting fees of $88 150 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 $14 580, plus GST.

	PAYNEHAM PROFESSIONAL SERVICES Post-Closing Trial Balance as at 30 June 2017
	Account	Account no.	Debit	Credit
	Cash at bank Accounts receivable Prepaid rent GST receivable Office supplies Furniture and equipment Accumulated depreciation – furniture and equipment Accounts payable Salaries payable GST payable Tat Chiang, Capital	1100 1101 1102 1105 1106 1110 1111 2200 2201 2203 3000	$  14 800 9 440 1 220 2 240 1 320 28 720	$  9 720 5 440 420 5 120 37 040
			$57 740	$57 740

 4.  Office supplies were purchased during the year for $380 plus GST in cash and $420 plus GST 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 2017.

 7.  Advertising totalling $3360 plus GST was purchased on credit.

 8.  Electricity expense of $3600 plus GST was paid.

 9.  Accounts payable of $2880 were paid.

 10. GST payable of $9120 less GST receivable of $2400 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 $760.

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

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

14. Rent paid in advance in transaction 3. Rent for 6 months of $7290 plus GST 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 2017 balances.

Account title	Account number
Tat Chiang, Drawings	3301
Profit or Loss Summary	3320
Consulting Fees Revenue	4400
Salaries Expense	5500
Electricity Expense	5503
Advertising Expense	5504
Depreciation Expense	5505
Rent Expense	5512
Office Supplies Expense	5513

B. Prepare journal entries to record the transactions completed (numbers 1–10).

C. Post the entries to the T accounts.

D. Prepare a 10 column worksheet for the year ended 30 June 2018.

E. Prepare an income statement, a statement of changes in equity and a balance sheet.

F. Journalise and post the adjusting entries.

G. Journalise and post the closing entries.

H. Prepare a post-closing trial balance.

I. Prepare any suitable reversing entries on 1 July 2018.