MYOB AccountRight Practice Set: Analyzing January Transactions

This document presents a detailed solution to an MYOB AccountRight practice set, specifically focusing on recording and analyzing financial transactions from early January. The solution covers various tasks, including obtaining a loan, purchasing inventory, receiving payments from customers, making cash purchases, and selling items on credit. It also involves using the MYOB Bank Register to determine account balances and answering questions related to navigating and utilizing the MYOB software. The practice set requires the user to correctly input transactions, identify specific fields within the software, and understand the functions available in different modules of MYOB AccountRight. This solution provides guidance and answers related to these tasks, making it a valuable resource for students learning to use MYOB for accounting purposes. Desklib offers a wide range of past papers and solved assignments to aid students in their studies.

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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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General instructions
Navigating your practice set
Accounting policies and procedures
Creating the company file
Setup information
Spend money (first transaction)
Current account balances (at 2 January)
Questions on MYOB
(Q=212.Q.M.EJ.P1.Q1)
After you have recorded the given transactions in MYOB, Leonardo
asks you to perform the following steps to open the Bank Register
window for Undeposited Funds. Then in the input box below, enter
the balance that is shown at the top right corner of the Bank
Register window.
From the main command centre window, click the Banking icon to open the Banking Command Centre.
In the flowchart section for that command centre, click Bank Register.
In the Bank Register window that appears, in the Account field at the top left of this window, select Undeposited
Funds.
Complete the field below using the running balance that is shown at the top right of the Bank Register window that
appears after the above steps are performed.
Account: 1-1180 (Undeposited Funds)
Balance: $ 23393
Feedback
Account: 1-1180 (Undeposited Funds)
Balance: $23,393
(Q=212.F.M.EJ.P2.Q2)
Leonardo then asks you to perform the following steps in MYOB to identify the field that is not in the window that
appears after those steps have been completed:
In the main command centre window, click the Sales icon to open the Sales Command Centre.
In flowchart section for that command centre, click Enter Sales.
Click the search icon next to the Customer field and select a random customer.
The field that is not in the window that appears after the above steps are performed is:
Ship to
Date
Customer SO#
Customer
Note: After answering this question, click the Cancel button to close the MYOB window without saving the sale.
(Q=212.F.M.EJ.P3.Q2)
Leonardo asks you to perform the following steps in MYOB and then identify the tasks that can be performed in the
window that appears after those steps have been completed.
In the main command centre window, click Purchases to open the Purchases Command Centre.
In the flowchart section for that command centre, click Pay Bills.
In the window that appears after the above steps are performed, MYOB allows users to use that window to record:

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cash payments made to suppliers
purchases made on credit
cash receipts from suppliers
none of the transactions mentioned above
(Q=212.F.M.EJ.P4.Q2)
Leonardo wants to know how you recorded the loan transaction that occurred during the beginning of January in MYOB.
Leonardo asks which of the following shows the correct series of actions to open an MYOB window that must be used to
record the above transaction:
Command centre icon Flowchart task icon
Accounts Receive Money
Banking Receive Payments
Accounts Receive Payments
Banking Receive Money
MYOB AccountRight Practice Set, Australian Edition 3, Updated for MYOB v19 (VMA3t.19)
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