MYOB AccountRight Practice Set: First Trial Balance Feedback

This page provides feedback on the first trial balance of MYOB AccountRight Practice Set. It includes instructions on creating a bank deposit slip, printing trial balance, aged receivables and payables report, and answering questions about MYOB. The subject is MYOB AccountRight Practice Set, Australian Edition 3, Updated for MYOB v19. The course code is VMA3t.19. The college/university is not mentioned.

10/9/2017 First trial balance
https://www.perdisco.com/elms/qsam/html/qsam.aspx 1/6
1.
2.
3.
•
•
•
4.
•
•
•
5.
•
•
•
•
•
•
Completed: 60% (approximately)
Remaining pages: up to 4.00 hours
Time frames are only a guide. You may take
more or less time to complete each page.
Your grading outcome (still in progess)
Awarded
Points
Total
Points
Prior to this page 85 105
On this page 66 69
After this page 0 235
Total 151 409
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: First trial balance
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.
Providing information about the company
As you return to your desk from your lunch break, you meet Leonardo
who asks you to create a bank deposit slip dated 7 January 2017 and
enter the cheques received during the first week of January into that
deposit slip. He also asks you to print the latest trial balance, aged
receivables and aged payables report immediately. He wants to know
the current state of the company's accounts because he has to meet
prospective investors soon. Leonardo then tells you that he will ask
more questions about your work today after returning from the
meeting.
Instructions
Use MYOB to create a bank deposit slip as of 7 January 2017
(ID #CR000004) and include all of the cheques received during
the first week of January into that deposit slip.
Use MYOB to print the latest trial balance for Intermaweb
Computer that does not include accounts with zero balances.
Transcribe your answers into the trial balance provided below.
Use MYOB to print the current Aged Receivables [Summary]
report for Intermaweb Computer as of 7/01/2017. Transcribe
your answers into the Aged Receivables [Summary] report
below. Note:
You must customise this report so that it includes line items
with zero balances.
If a customer account has a debit balance, enter the
amount as a positive number.
If the balance in the customer account is a credit, enter the
balance as a negative number.
Use MYOB to print the current Aged Payables [Summary] report
for Intermaweb Computer as of 7/01/2017. Transcribe your
answers into the Aged Payables [Summary] report below. Note:
You must customise this report so that it includes line items
with zero balances.
If a supplier account has a credit balance, enter the balance
as a positive number.
If the balance of the supplier account is a debit, enter the
amount as a negative number.
Answer all of the questions about MYOB that Leonardo asks you
below.
Bookmark Previous pages Completed By: CarolineAye17 Bookmark Status: Pending

10/9/2017 First trial balance
https://www.perdisco.com/elms/qsam/html/qsam.aspx 2/6
•
•
•
•
•
•
•
General instructions
Navigating your practice set
Accounting policies and procedures
Creating the company file
Setup information
Spend money (first transaction)
Transactions list (to 7 January)
The trial balance: Early January
The trial balance for Intermaweb Computer as of 7 January 2017 is
shown below:
Intermaweb Computer
Trial Balance
January 2017
Account
# Account YTD Debit
($)
YTD Credit
($)
1-1110 Cheque Account 87280 0
1-1200 Accounts Receivable 40185 0
1-1210 Less Prov'n for
Doubtful Debts 727
1-1300 Inventory 94580 0
1-1400 Office Supplies 2197 0
1-3110 Property &
Equipment at Cost 52000 0
1-3120
Property &
Equipment Accum
Dep
16,324
2-1200 Accounts Payable 0 28744
2-1310 GST Collected 0 9566
2-1330 GST Paid 5971 0
2-1420 PAYG Withholding
Payable 1,920
2-1800 Short Term Loans 0 13000
2-2100 Bank Loans 46,000
3-1100 Share Capital 45,000
3-8000 Retained Earnings 109,485
4-1100 Sales Revenue 0 178397
5-1100 Cost of Sales 124137 0
6-1100 Depreciation
Expense 16,324
6-1800 Office Supplies
Expense 2277 0
6-1930 Salaries Expense 15,009
6-2200 Telephone Expense 3,785
6-2420 Electricity Expense 3,440
6-2500 Bank Charges 36
6-2600 Bad Debts Expense 1,482
9-1000 Interest Expense 460

10/9/2017 First trial balance
https://www.perdisco.com/elms/qsam/html/qsam.aspx 3/6
449163 449163
Total:
Feedback
Intermaweb Computer
Trial Balance
January 2017
Account # Account YTD Debit ($) YTD Credit ($)
1-1110 Cheque Account 87,280
1-1200 Accounts Receivable 40,185
1-1210 Less Prov'n for Doubtful Debts 727
1-1300 Inventory 94,580
1-1400 Office Supplies 2,197
1-3110 Property & Equipment at Cost 52,000
1-3120 Property & Equipment Accum Dep 16,324
2-1200 Accounts Payable 28,744
2-1310 GST Collected 9,566
2-1330 GST Paid 5,971
2-1420 PAYG Withholding Payable 1,920
2-1800 Short Term Loans 13,000
2-2100 Bank Loans 46,000
3-1100 Share Capital 45,000
3-8000 Retained Earnings 109,485
4-1100 Sales Revenue 178,397
5-1100 Cost of Sales 124,137
6-1100 Depreciation Expense 16,324
6-1800 Office Supplies Expense 2,277
6-1930 Salaries Expense 15,009
6-2200 Telephone Expense 3,785
6-2420 Electricity Expense 3,440
6-2500 Bank Charges 36
6-2600 Bad Debts Expense 1,482
9-1000 Interest Expense 460
Total: 449,163 449,163
Aged Receivables [Summary] report

10/9/2017 First trial balance
https://www.perdisco.com/elms/qsam/html/qsam.aspx 4/6
40185
28744
The Aged Receivables [Summary] report for Intermaweb Computer as of 7 January 2017 is shown below:
Intermaweb Computer
Aged Receivables [Summary]
7/01/2017
Name Total Due ($)
Pikea 21023
Radio Hut 0
Turbo Tech 19162
Total
Feedback
Intermaweb Computer
Aged Receivables [Summary]
7/01/2017
Name Total Due ($)
Pikea 21,023
Radio Hut 0
Turbo Tech 19,162
Total 40,185
Aged Payables [Summary] report
The Aged Payables [Summary] report for Intermaweb Computer as of 7 January 2017 is shown below:
Intermaweb Computer
Aged Payables [Summary]
As of 7/01/2017
Name Total Due ($)
JCN Electrical 0
Moon Megasystems 6600
Pony 22144
Total
Feedback
Intermaweb Computer
Aged Payables
As of 7/01/2017

10/9/2017 First trial balance
https://www.perdisco.com/elms/qsam/html/qsam.aspx 5/6
1.
2.
3.
1.
Vendor 0-30 ($)
JCN Electrical 0
Moon Megasystems 6,600
Pony 22,144
Total 28,744
Questions on MYOB
(Q=234.F.M.EJTB.P1.Q2)
After returning from the meeting, Leonardo asks you to click the Reports menu, select Index to Reports and click the
Purchases tab to identify which of the following is not in the list of purchases reports in MYOB:
Supplier Ledger
Ageing Detail
Cash Disbursements
Purchases & Payables Journal
(Q=234.F.M.EJTB.P2.Q1)
Leonardo asks you to identify the finishing options that can be selected when customising the trial balance report in
MYOB. To do this, he asks you to perform the following steps in MYOB:
From the Reports menu, select Index to Reports to open the Index to Reports window.
In that window, click the Accounts tab and click the Trial Balance option to highlight that report selection.
Next, click the Customise icon and in the Report Customisation - Trial Balance window that appears, click the
Finishing tab.
In the window that appears after the above steps are performed, select the finishing option that is available to modify a
trial balance report in MYOB:
Report Level
Include Subtotals
Include Active Accounts
Include Account Numbers
(Q=234.F.M.EJTB.P3.Q1)
Leonardo then wants to know whether you understand the impact of errors on the trial balance.
If there are errors in the accounts in the general ledger, the trial balance:
may or may not balance
will definitely not balance
can always indicate what these errors are
will definitely balance
(Q=212.Q.M.EJTB.P4.Q1)
Leonardo asks you to perform the following steps to open the deposit slip that you have previously created. Then in the
table below, record the running totals that are shown at the bottom of the Prepare Bank Deposit window.
Open the Banking Command Centre.

10/9/2017 First trial balance
https://www.perdisco.com/elms/qsam/html/qsam.aspx 6/6
2.
3.
In the flowchart section for that command centre, click Bank Register.
In the Bank Register window that appears, search for the deposit slip that you have previously entered into MYOB
and double click on a line item for that deposit slip.
Complete the fields below using the totals that are presented in the Prepare Bank Deposit window that appears after the
above steps are performed.
Number of Deposits Included: 3
Total Deposit Amount: $ 23393
Feedback
Number of Deposits Included: 3
Total Deposit Amount: $23,393
MYOB AccountRight Practice Set, Australian Edition 3, Updated for MYOB v19 (VMA3t.19)
© 2010 - 2017 Perdisco / latin /. v., learn thoroughly
www.perdisco.com/au | Terms Of Use | Privacy Policy | Monday, October 09, 2017, 06:20
Continue