Sports T is a club providing sporting facilities to its members. The club hires all sporting equipment. The club also runs a small café selling food and refreshments which members and guests can use. All sales from the café are on a cash basis. The club treasurer has provided the following information for the year ending 31 December 2023: Receipts throughout the year: Café sales $27000 Members' subscriptions $162000 Bank interest $720 Payments made throughout the year: Salaries & Wages: Sports coaches $58220 Administration salaries $31720 Café assistant's wages $14352 Rent of premises $16250 Hiring costs – sports equipment $31900 Rates and insurance $3200 Purchases of food and drink for resale $8220 Accountancy fees $2400 Balances at 1 January 2023: Inventory of food & drink $1290 Subscriptions owing from previous year $1520 Receipts and payments account $3300 debit Balances at 31 December 2023: Inventory of food & drink $1340 Subscriptions received in advance $2800 Subscriptions outstanding $1280 Additional information: 1. The contract for hiring the sports equipment is $34800 per annum and is paid monthly. 2. Rent of premises is paid for the period from 1 January 2023 up to 31 January 2024.