Transactions: Mid January - MYOB AccountRight Practice Set Feedback

10/9/2017 Transactions: Mid January
https://www.perdisco.com/elms/qsam/html/qsam.aspx 1/6
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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: Mid 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 21 January 2017
Leonardo arrives in a cheerful mood because he has just received
some new sales prospects. You congratulate him and tell him about
your MYOB experiences. He is pleased with your progress but says
that because you are still new to the work, he will continue to mentor
and supervise you closely over the next few weeks.
Leonardo then hands you the following list of transactions that
occurred throughout mid January up to today (21 January) and asks
you to record them in MYOB:
Transactions from mid January 2017
9 Purchased 9 units BlueBerry phones from JCN Electrical at
$1,254 each (includes 10% GST), Purchase #345, Supplier
Inv#695.
9 Made a cash sale to Pikea, Invoice #3097 for the following
items:
2 units BlueBerry phones for $1,980 each (includes 10%
GST)
9 units DK800 desktop computers for $2,530 each
(includes 10% GST).
Received Cheque No. 633 for $26,730 from this customer.
Note that MYOB automatically assigns ID #CR000005 to this
cash receipt.
12 Received a purchase order from Turbo Tech, Customer
PO#3989, Invoice #3098. The following items are required to
be shipped by 24 January 2017:
2 units BlueBerry phones at $1,980 each (includes 10%
GST)
7 units NR759 video recorders at $1,430 each, (includes
10% GST).
15 Purchased 6 units Swish Phones from JCN Electrical for a list
price of $1,375 each (includes 10% GST), Purchase #346,
Supplier Inv#928. Issued Cheque No. 4027 for the full
payment of this purchase.
15 Issued Cheque No. 4028 for $6,600 (includes 10% GST) to pay
Blue Blazer Realty for three month's worth of rent in advance.
16 Ordered 6 units NR759 video recorders for $902 each (includes
10% GST), from Pony, Purchase #347, Supplier Inv#SO601.
18 Sold merchandise on credit to Radio Hut, Invoice #3099. The
items sold were:
Bookmark Previous pages Completed By: CarolineAye17 Bookmark Status: Saved

10/9/2017 Transactions: Mid 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 8 January)
Trial balance (at 8 January)
Receivables & payables (at 8 January)
1.
2.
3.
4.
4 units DK800 desktop computers for $2,530 each
(includes 10% GST)
7 units Swish Phones for $2,101 each (includes 10% GST).
19 Received 6 units NR759 video recorders, Purchase #347.
These items were ordered from Pony for $902 each (includes
10% GST), Supplier Inv#SO601.
Once you have finished recording the above transactions using MYOB,
Leonardo asks you to use the Bank Register window to search for the
current balances in the Cheque Account and Undeposited Funds. He
then instructs you to prepare a bank deposit slip for any cheque
received during the middle of January so that he can take it to the
bank this afternoon.
Leonardo later asks you to print a more up-to-date trial balance that includes all transactions up until the end of today (21
January 2017). He wants to compare this trial balance to the one that you made for him earlier. In particular, he is
interested to know the impact of the Mid January transactions on the accounts of the business. As usual, he will also ask
you to answer several questions about MYOB.
Instructions
Use MYOB to record all of the Mid January transactions for
Intermaweb Computer.
After all of the above transactions have been entered into
MYOB, open the Bank Register window and use that window to
identify the balances in the Cheque Account and Undeposited
Funds. Transcribe your answers into the table provided below.
Use MYOB to create a bank deposit slip as of 21 January 2017
(ID #CR000006) and include all of the cheques received during
the middle of January into that deposit slip.
Print the trial balance for Intermaweb Computer as of 21
January 2017 and transcribe your answers into the trial balance
provided below. Note that your printed trial balance must not
include accounts with zero balances.
Answer all of the questions that Leonardo asks you below.
Using the Bank Register window
After you have recorded the given transactions in MYOB, Leonardo asks you to perform the following steps to open the
Bank Register window and use that window to search for the current balances in the Cheque Account and Undeposited
Funds. Then in the table below, enter the balance of each account that is shown at the top right corner of the Bank
Register window.
Open the Banking Command Centre.
In the flowchart section for that command centre, click Bank Register.
In the Bank Register window that appears, click the search arrow icon next to the Account field at the top left of this
window and select Cheque Account. Then, enter 1 January 2017 into the Dated From field and 20 January 2017 into
the To field taking note of the balance in this account, displayed at the top right corner of that window.
Repeat step 3 but select a different account (Undeposited Funds).
Complete the fields below using the appropriate account balances that are shown in the Bank Register window that
appears after the above steps are performed.
Account Balance ($)
Cheque Account: 72430
Undeposited Funds: 26730

10/9/2017 Transactions: Mid January
https://www.perdisco.com/elms/qsam/html/qsam.aspx 3/6
Feedback
Account Balance ($)
Cheque Account: 72,430
Undeposited Funds: 26,730
The trial balance: Mid January
The trial balance for Intermaweb Computer as of 21 January 2017 is shown below:
Intermaweb Computer
Trial Balance
January 2017
Account # Account YTD Debit ($) YTD Credit ($)
1-1110 Cheque Account 99160 0
1-1200 Accounts Receivable 65012 0
1-1210 Less Prov'n for Doubtful Debts 0 727
1-1300 Inventory 97470 0
1-1400 Office Supplies 2197 0
1-1500 Prepaid Rent 6000 0
1-3110 Property & Equipment at Cost 52000 0
1-3120 Property & Equipment Accum Dep 0 16324
2-1200 Accounts Payable 0 56684
2-1310 GST Collected 0 14253
2-1330 GST Paid 9861 0
2-1420 PAYG Withholding Payable 0 1920
2-1800 Short Term Loans 0 13000
2-2100 Bank Loans 0 46000
3-1100 Share Capital 0 45000
3-8000 Retained Earnings 0 109485
4-1100 Sales Revenue 0 225267
5-1100 Cost of Sales 154147 0
6-1100 Depreciation Expense 16324 0
6-1800 Office Supplies Expense 2277 0