Intermaweb Computer: MYOB AccountRight V19 - Late January Transactions

This document provides a detailed solution to a practical assignment involving MYOB AccountRight, focusing on recording late January transactions for Intermaweb Computer. The solution covers various transactions, including sales returns, credit sales, purchase returns, payments to suppliers, customer payments, salary payments, and utility bill payments. It also includes creating a bank deposit slip and generating a trial balance as of January 31, 2017. The trial balance requires manual construction from the detailed accounts list, and the document provides the completed trial balance with debit and credit balances for each account. Additionally, the assignment includes questions related to navigating MYOB and performing specific tasks, such as accessing the Sales Register, recording payments, and handling customer returns.

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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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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

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1-1210 Less Prov'n for Doubtful Debts
1-1300 Inventory
1-1400 Office Supplies
1-1500 Prepaid Rent
1-3110 Property & Equipment at Cost
1-3120 Property & Equipment Accum
2-1200 Accounts Payable
2-1310 GST Collected
2-1330 GST Paid
2-1420 PAYG Withholding Payable
2-1800 Short Term Loans
2-2100 Bank Loans
3-1100 Share Capital
3-8000 Retained Earnings
4-1100 Sales Revenue
5-1100 Cost of Sales
6-1100 Depreciation Expense
6-1800 Office Supplies Expense
6-1930 Salaries Expense
6-2200 Telephone Expense
6-2420 Electricity Expense
6-2500 Bank Charges
8-1000 Interest Income
9-1000 Interest Expense
531062 531062
(select) 0 727
(select) 83240 0
(select) 2197 0
(select) 6000 0
(select) 52000 0
(select) 0 16324
(select) 0 45398
(select) 0 15406
(select) 9457 0
(select) 0 2925
(select) 0 13000
(select) 0 46000
(select) 0 45000
(select) 0 109485
(select) 0 236797
(select) 161537 0
(select) 16324 0
(select) 2277 0
(select) 21709 0
(select) 5485 0
(select) 4540 0
(select) 36 0
(select) 1482 0
(select) 690 0
Total:
Feedback
Intermaweb Computer
Trial Balance
January 2017
Account # Account YTD Debit ($) YTD Credit ($)
1-1110 Cheque Account 97,393

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1-1200 Accounts Receivable 66,695
1-1210 Less Prov'n for Doubtful Debts 727
1-1300 Inventory 83,240
1-1400 Office Supplies 2,197
1-1500 Prepaid Rent 6,000
1-3110 Property & Equipment at Cost 52,000
1-3120 Property & Equipment Accum Dep 16,324
2-1200 Accounts Payable 45,398
2-1310 GST Collected 15,406
2-1330 GST Paid 9,457
2-1420 PAYG Withholding Payable 2,925
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 236,797
5-1100 Cost of Sales 161,537
6-1100 Depreciation Expense 16,324
6-1800 Office Supplies Expense 2,277
6-1930 Salaries Expense 21,709
6-2200 Telephone Expense 5,485
6-2420 Electricity Expense 4,540
6-2500 Bank Charges 36
6-2600 Bad Debts Expense 1,482
9-1000 Interest Expense 690
Total: 531,062 531,062
Questions on MYOB
(Q=412.F.M.LJTB.P1.Q2)
After you have recorded the given transactions in MYOB, Leonardo asks you to perform the following steps in MYOB and
then identify the column that is not part of the window that appears after those steps have been completed:
From the Sales Command Centre, click Sales Register.
In the Sales Register window that appears, click the Orders tab.
Select the column that is not part of the window that appears after the above steps are performed:
Customer
Cust PO#
Debit Amt

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Promised
(Q=412.F.M.LJTB.P2.Q1)
After you have recorded the given transactions in MYOB, Leonardo wants to check that you have followed the correct
procedure when entering the payment of the January phone bill into 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:
Go to the Accounts Command Centre and click Pay Bills.
Go to the Banking Command Centre and click Receive Money.
Go to the Banking Command Centre and click Spend Money.
None of the above statements are correct.
(Q=412.F.M.LJTB.P3.Q2)
Leonardo then asks you to show her how you recorded items returned by a customer into MYOB.
Select the correct series of actions to open an MYOB window that must be used to record the above transaction into
MYOB:
Go to the Accounts Command Centre and click Returns.
Go to the Sales Command Centre and click Returns & Credits.
Go to the Accounts Command Centre and click Returns & Credits.
Go to the Sales Command Centre and click Enter Sales.
(Q=412.F.M.LJTB.P4.Q2)
Next, Leonardo wants to know how you recorded the salary payment transactions that occurred at the end 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 transactions:
Command centre icon Flowchart task icon
Banking Process Payroll
Banking Pay Bills
Payroll Pay Liabilities
Payroll Process Payroll
MYOB AccountRight Practice Set, Australian Edition 3, Updated for MYOB v19 (VMA3t.19)
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