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STU Ltd provides computer training services. STU charges $8,000 per day and allows customers 30days to pay invoices. The balance sheet of STU Limited as at 31 May 2020 was as follows: AUD$ Non-current assets Motor vehicle 24,000 Accumulated Depreciation (2,000) Total non-current assets 22,000 Current Assets Cash 100,000 Accounts receivable 200,000 Prepaid petrol cards 1,500 Total Assets 323,500 Current Liabilities Wages payable 10,000 Accounts payable 97,500. Total Liabilities 107,500 Shareholders equity Share capital 100,000 Retained profits 116,000 Total Shareholders equity 216,000 Total equity + Liabilities 323,500 The following events occurred forSTU Ltd during the month of June 2020: a) Issued sharesfor cash consideration of $40,000. b) Delivered twenty days of training during the month ending 30 June 2020. c) Received $176,000 cash for invoices previously raised in May 2020. d) Paid $30,000 forthree months of rent covering 1 June 2020 to 31 August 2020. e) Prepaid petrol cards at 31 May 2020 are $1,500. The petrol cards were used up during themonth ending 30 June 2020. f) Received cash for five days of training to be delivered in the first week of July 2020. g) Depreciation on a motor vehicle forthe month ending 30 June 2020 is $1,000. h) Paid wages of $80,000 forthe month. Wages payable at 30 June 2020 are $15,000. i) Interest on a bank loan for the month of June is $800 but has not yet been paid. j) Cash dividends of $5,000 declared and paid. 1. Prepare the journal entries and adjusting journal entries to record the transactions above

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