Transactions: Late January - MYOB AccountRight Practice Set

10/9/2017 Transactions: Late January
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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: Transactions: Late 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 the last day of January
Leonardo gives you the final list of transactions to record in MYOB.
The following list shows transactions that occurred throughout late
January up to 31 January 2017:
Transactions from late January 2017
23 Radio Hut returned 3 units DK800 desktop computers that
were originally purchased on 18 January, for $2,530 each
(includes 10% GST) original Invoice #3099. Leonardo issued a
credit note (negative invoice) #3100 for the return of the
above items and applied that credit note to the original invoice.
24 Sold items on credit to Turbo Tech. Some of these items were
previously ordered on 12 January, Customer PO#3989.
Forwarded Invoice #3098 and delivered the following items to
Turbo Tech:
2 units BlueBerry phones for $1,980 each (includes 10%
GST)
7 units NR759 video recorders for $1,430 each (includes
10% GST)
3 units Swish Phones for $2,101 each (includes 10% GST).
24 Returned 6 faulty BlueBerry phones that were purchased on 9
January (original Purchase #345) for $1,254 each (includes
10% GST). The reference number for this purchase return is
Purchase #348. JCN Electrical authorised the return and issued
credit note Supplier Inv#VCM0001 which is to be applied to
Invoice No. 695.
29 Issued Cheque No. 4029 to JCN Electrical for the full balance
outstanding on the account.
31 Received Cheque No. 636 from Pikea in full payment of Invoice
No. 3093, ID #CR000007.
31 Issued Cheque No. 4030 for $2,720 to pay for the current
month's salary of the sales consultant. The base salary for the
month was $3,200 and Leonardo calculated the Pay-As-You-Go
(PAYG) tax withheld using a new tax table as $480. No other
taxes or allowances applied.
31 Issued Cheque No. 4031 for $2,975 to pay for the current
month's salary of the accountant. The base salary for the
month was $3,500 and Leonardo calculated the Pay-As-You-Go
(PAYG) tax withheld using a new tax table as $525. No other
taxes or allowances applied.
31 Issued Cheque no. 4032 for the amount of $1,210 (includes
10% GST) to Integer Energy for payment of the electricity bill
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10/9/2017 Transactions: Late January
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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 21 January)
Trial balance (at 21 January)
1-1110 Cheque Account
1-1200 Accounts Receivable
for the current month.
31 Paid $1,870 (includes 10% GST) to Vopstra for the current
month's phone bill, Cheque no. 4033.
31 Issued Cheque No. 4034 for $230 to EastPac Bank for the
current month's interest on bank loan (use the FRE tax code).
Once you have entered those transactions into MYOB, Leonardo
instructs you to prepare a bank deposit slip for any cheque received
throughout late January and print a more up-to-date trial balance. As
usual, he will ask you to answer several questions about MYOB to test
that you really know how to perform the given tasks.
Instructions
Use MYOB to record all of the late January transactions for
Intermaweb Computer. Note that this period includes one or
more payroll transactions and that the dollar amounts to be
recorded may be different to the amounts automatically
calculated by your MYOB software. As a result you may be
required to manually adjust the amounts automatically
calculated by your software so that they match the amounts in
your transaction list. We strongly suggest that you read the
payroll section of the learning centre before entering any
payroll transactions.
Use MYOB to create a bank deposit slip as of 31 January 2017
in MYOB (ID #CR000008) and include all of the cheques
received during the late January period into that deposit slip.
Use MYOB to print the latest trial balance for Intermaweb
Computer that does not include accounts with zero balances in
MYOB. Then, transcribe your answers into the trial balance
provided on this page.
The trial balance below requires more input from you than
those you have completed previously. The accounts are not
provided to you. Instead, you must construct the trial balance
from the detailed accounts list of Intermaweb Computer. 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 columns of your
trial balance.
Answer all of the questions about MYOB that are presented on
this page.
The trial balance: Late January
The trial balance for Intermaweb Computer as of 31 January 2017 is shown below. Remember that 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) 97393 0
(select) 66695 0