Transactions: Early January - MYOB AccountRight Practice Set

10/9/2017 Transactions: Early January
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MYOB Learning Centre
MYOB Learning Centre
Quick reference guide
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Welcome page
Academic honesty
MYOB AccountRight Practice Set
Australian Edition 3, Updated for MYOB v19
Feedback: Transactions: Early January
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.
It is now 7 January 2017
You find a note on your desk from Leonardo instructing you to record
a list of transactions that occurred during the first week of January as
follows:
Transactions from early January 2017
2 Obtained a loan of $13,000 from Uncle Mark (a family relative of
Leonardo Downing) at a simple interest rate of 10% per year,
Cheque No. 164, ID #CR000001. The principal and interest on
the loan are payable in six months time.
3 Purchased 6 units NR759 video recorders from Pony at $902
each (includes 10% GST), Purchase #344, Supplier Inv#735.
Issued Cheque No. 4024 for $3,200 to this supplier for this
particular invoice at the time of the purchase.
4 Received Cheque No. 206 from Radio Hut for the full amount
outstanding on their account, ID #CR000002.
4 Issued Cheque No. 4025 for $1,980 (includes 10% GST) to
Discount Office Supplies for the cash purchase of office supplies.
5 Sold the following items on credit to Pikea, Invoice #3096:
4 units BlueBerry phones for $1,980 each (includes 10%
GST)
3 units Swish Phones for $2,101 each (includes 10% GST).
$4,200 was received immediately, Cheque No. 628, with the
rest due to be received during the last week of the month. Note
that MYOB automatically assigns ID #CR000003 to this cash
receipt.
6 Issued Cheque No. 4026 for $10,098 to JCN Electrical in
payment of Purchase #341 (Supplier Inv#278).
After you have finished recording the above transactions in MYOB,
Leonardo asks you to use the MYOB Bank Register to find out about
the current balance of the Undeposited Funds account. He also tells
you that he has additional questions for you to answer about your use
of MYOB.
Instructions
Use MYOB to record the above transactions for Intermaweb
Computer.
Answer all of the questions about MYOB that Leonardo asks
below.
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