Question - Transactions completed during the year ended 30 June 2016 are summarized 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.21
4. Office supplies were purchased during the year for $380 plus GST in cash and$420 plus GST on credit.
5. The owner 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 2016.
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.
REQUIRED: Prepare journal entries to record the transactions completed (numbers 1-10).