Adjusting Entries for MYOB AccountRight Practice Set - Desklib

This page is about recording adjusting entries for MYOB AccountRight Practice Set for Intermaweb Computer. It includes instructions, feedback, and questions about MYOB adjusting entries. The adjusted trial balance for January 2017 is also provided.

10/9/2017 Adjusting entries
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MYOB Learning Centre
MYOB Learning Centre
Quick reference guide
Information from previous pages
Welcome page
Academic honesty
MYOB AccountRight Practice Set
Australian Edition 3, Updated for MYOB v19
Feedback: Adjusting entries
This is a feedback page. Please review this page carefully. It includes the original questions along with grading of your
responses and detailed feedback. After you have reviewed this feedback page, click Continue at the bottom of this page
for the next page of your practice set.
Types of adjustments required
After examining the January bank reconciliation statement, Leonardo
asks you to record the end of January adjustments. He then reminds
you to use the N-T tax code for all accounts that are involved in
adjusting entries. The adjustments have been calculated using
Intermaweb Computer's accounting policies :
Rent expired during the month of January is $1,000.
Depreciation on Property & Equipment for the month of January is
$398.
An additional $1,186 of accounts receivable is expected to be
uncollectible.
Interest accrued for the month of January on the short-term loan
from Uncle Mark is $108.
A stocktake of office supplies at the end of the month shows that
the business has consumed $792 worth of supplies during the
month of January.
After you have recorded the month-end adjustments into MYOB,
Leonardo instructs you to generate the adjusted trial balance that
shows all account balances. As usual, Leonardo tells you that he will
ask you to answer several questions about recording adjusting entries
in MYOB.
Instructions
Use MYOB to record all of the January adjusting entries for
Intermaweb Computer in MYOB. Note that you must record
those entries as at 31 January 2017 and use the N-T tax code
for all accounts that are used in adjusting entries.
When you have finished recording the given adjusting entries,
use MYOB to print the full trial balance for Intermaweb
Computer and transcribe your answers into the trial balance
provided below. Note that this time you are required to provide
all accounts and their balance including those with zero
amounts (balances).
In the trial balance below, select accounts by clicking on
'(select)' in the Account column. A popup window will appear
where you select the appropriate account and your selection
will automatically populate the Account # column. Next, enter
the balance of each account into the appropriate YTD Debit and
YTD Credit columns of your trial balance.
Answer all of the questions about MYOB that are presented on
this page.
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10/9/2017 Adjusting entries
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1-1110 Cheque Account
1-1180 Undeposited Funds
1-1190 Electronic Clearing Account
1-1200 Accounts Receivable
1-1210 Less Prov'n for Doubtful Debts
1-1300 Inventory
1-1400 Office Supplies
1-1500 Prepaid Rent
1-3110 Property & Equipment at Cost
1-3120 Property & Equipment Accum
2-1200 Accounts Payable
2-1310 GST Collected
2-1330 GST Paid
2-1410 Salaries Payable
2-1420 PAYG Withholding Payable
2-1700 Interest Payable
2-1800 Short Term Loans
2-2100 Bank Loans
3-1100 Share Capital
3-8000 Retained Earnings
3-9999 Historical Balancing
4-1100 Sales Revenue
5-1100 Cost of Sales
6-1100 Depreciation Expense
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General instructions
Navigating your practice set
Accounting policies and procedures
Creating the company file
Setup information
Spend money (first transaction)
Transactions list (to January 31)
Bank reconciliation information
Reconciliation report
Trial balance (pre adjustments)
The Adjusted trial balance
The adjusted trial balance for Intermaweb Computer as of 31 January
2017 is shown below. Remember that you are asked to provide all
accounts including those with zero amounts (balances). As
mentioned previously, account numbers will be automatically
populated into the Account # column based on the selections made in
the Account column.
Intermaweb Computer
Trial Balance
January 2017
Account # Account YTD Debit ($) YTD Credit ($)
(select) 98094 0
(select) 0 0
(select) 0 0
(select) 66695 0
(select) 0 1913
(select) 83240 0
(select) 1405 0
(select) 5000 0
(select) 52000 0
(select) 0 16722
(select) 0 45398
(select) 0 15406
(select) 9457 0
(select) 0 0
(select) 0 2925
(select) 0 108
(select) 0 13000
(select) 0 46000
(select) 0 45000
(select) 0 109485
(select) 0 0
(select) 0 236797
(select) 161537 0
(select) 16722 0

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6-1800 Office Supplies Expense
6-1930 Salaries Expense
6-2100 Rent Expense
6-2200 Telephone Expense
6-2420 Electricity Expense
6-2500 Bank Charges
6-2600 Bad Debts Expense
8-1000 Interest Income
9-1000 Interest Expense
533467 533467
(select) 3069 0
(select) 21709 0
(select) 1000 0
(select) 5485 0
(select) 4540 0
(select) 48 0
(select) 2668 0
(select) 0 713
(select) 798 0
Total:
Feedback
Intermaweb Computer
Trial Balance
January 2017
Account
# Account YTD Debit
($)
YTD Credit
($)
1-1110 Cheque Account 98,094
1-1180 Undeposited Funds 0
1-1190 Electronic Clearing Account 0
1-1200 Accounts Receivable 66,695
1-1210 Less Prov'n for Doubtful Debts 1,913
1-1300 Inventory 83,240
1-1400 Office Supplies 1,405
1-1500 Prepaid Rent 5,000
1-3110 Property & Equipment at Cost 52,000
1-3120 Property & Equipment Accum
Dep 16,722
2-1200 Accounts Payable 45,398
2-1310 GST Collected 15,406
2-1330 GST Paid 9,457
2-1410 Salaries Payable 0
2-1420 PAYG Withholding Payable 2,925
2-1700 Interest Payable 108
2-1800 Short Term Loans 13,000
2-2100 Bank Loans 46,000

10/9/2017 Adjusting entries
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3-1100 Share Capital 45,000
3-8000 Retained Earnings 109,485
3-9999 Historical Balancing 0
4-1100 Sales Revenue 236,797
5-1100 Cost of Sales 161,537
6-1100 Depreciation Expense 16,722
6-1800 Office Supplies Expense 3,069
6-1930 Salaries Expense 21,709
6-2100 Rent Expense 1,000
6-2200 Telephone Expense 5,485
6-2420 Electricity Expense 4,540
6-2500 Bank Charges 48
6-2600 Bad Debts Expense 2,668
8-1000 Interest Income 713
9-1000 Interest Expense 798
Total: 533,467 533,467
Questions on adjusting entries in MYOB
(Q=612.F.M.AE.P1.Q2)
After you have recorded the adjusting entries for January in MYOB, Leonardo asks you to select the option that correctly
completes the following statement.
Adjusting entries always affect:
one income statement account and one balance sheet account
at least two balance sheet accounts
one account only
at least two income statement accounts
(Q=612.F.M.AE.P2.Q2)
Leonardo then wants to know about the adjusting entry that you have previously entered into MYOB for uncollectible
accounts.
Under the allowance method, the adjusting entry to recognise estimated losses from uncollectible accounts involves:
a debit to Less Prov'n for Doubtful Debts and a credit to Bad Debts Expense
a debit to Bad Debts Expense and a credit to Accounts Receivable
a debit to Bad Debts Expense and a credit to Less Prov'n for Doubtful Debts
a debit to Less Prov'n for Doubtful Debts and a credit to Accounts Receivable
(Q=612.F.M.AE.P3.Q1)

10/9/2017 Adjusting entries
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Next, Leonardo asks which of the following shows the correct series of actions to open an MYOB window that is used to
record the adjusting entry for accrued interest expense:
Command centre icon to use Flowchart task option to use
Banking Spend Money
Accounts Record Journal Entry
Purchases Pay Bills
Accounts Adjusting Entry
MYOB AccountRight Practice Set, Australian Edition 3, Updated for MYOB v19 (VMA3t.19)
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