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Homework answers / question archive / Question 2: The 30 September 2020 trial balance of Peter Pan, an Agricultural Advisor and sole trader is shown below

Question 2: The 30 September 2020 trial balance of Peter Pan, an Agricultural Advisor and sole trader is shown below

Accounting

Question 2: The 30 September 2020 trial balance of Peter Pan, an Agricultural Advisor and sole trader is shown below. Peter is GST registered and has an Australian Business Number.He also has employees. The financial year of the business runs from 1 July to 30 June.Peter Pan, Agricultural Advisor Trial Balance as at 30 September 2020Account Debit CreditCash at bank (current asset) $ 333 613Accounts receivable (current asset) 118 000Supplies (current asset) 16 300Prepaid insurance (current asset) 2 800Furniture & equipment, including IT 50 000Accounts payable (current liab) $ 7 900Gas account payable (current liab) 8 500Unearned revenue (current liab) 2 300Capital, P.Pan 170 535Drawings, P.Pan 25 000Services revenue 515 230Wages and salaries expense 177 300Gas expense 9 450Rent expense 19 000GST Receivable 4 755GST Payable 51 753$ 756 218 $ 756 218The following transactions were completed during October. The GST rate is 10%.October 1 Purchased supplies on credit for $4390, including GST1 Settled net GST liability that existed at the end of September and due to be paid today.2 Peter gave the business his personal computer for exclusive use within the business. The fair value of the equipment is $2 000.4 Received $23 200 from clients who owed money to the business7 Paid the quarterly gas bill of $8500, previously recognized as a liability11 Performed services for $1000 that were recorded previously as unearned revenue.15 Invoiced amounts, including GST, of $198 300 and $16 620 for services rendered to clients. Clients immediately made bank transfers into Peter's account for the $198 300. The other clients indicated they could not pay the $16 620 until next month.17 Paid wages of $85 840 to PAYG staff. Assume no tax was withheldand assume no employee superannuation or payroll tax was generated on the transaction.21 Purchased equipment for $12 900 including GST. Peter paid by electronic transfer.23 Withdrew $20 000 from the business for personal use.24 Paid trade suppliers $6 000 as some invoices are now due.27 Received $80 000 from clients who owed money to the business.29 Invoiced amounts, including GST, of $129 600 and $21 000 for services rendered to clients. Clients immediately made bank transfers into Peter's account for the $129 600. The other clients indicated they could not pay the $21 000 until next month.30 Paid rent of $6 967 covering the month of October. This includes GST.30 Peter has now consumed all the prepaid insurance which was on his books at the end of the previous month.30 Purchased an insurance policy for $36 000 to cover business assets for the next 12 months. This includes GST.REQUIRED A. Prepare journal entries to record each transaction above. Use a general journal only. No narrations are required. Round to the nearest dollar. B. Prepare General Ledger accounts for the month of October including opening & closing balances. Round to the nearest dollar.C. Prepare trial balance as at 31 October 2020. Round to the nearest dollar

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