1) In MYOB AccountRight 2016, create a new data file based on the following information, using the AccountRight Plus: Company Name ABN Address Lyons Sport Warehouse- "Your name" 32 885 123 678 303 Collins Current Financial Year 2021 Last month: Conversion Month July Accounts Lists Wholesale and Export/Import June Street VIC 3000 Phone: (03) 8648 6610 The main business activity of the Lyons Sport Warehouse is the wholesale supply of sporting goods. 2) Edit the following accounts in the List of Accounts: Account type Account number New account name Tax code Bank 1-1110 Cheque Account N-T Equity 3-1000 Income 4-1000 Owners Capital Sales of Apparel N-T GST Income 4-2000 Sales of Equipment GST Cost of sales 5-1000 Purchases of Apparel GST Cost of sales 5-2000 Purchases of Equipment GST Cost of sales 5-9000 Discounts Given GST Expense 6-2800 Machinery & Equipment Lease GST Expense 6-2900 Motor Vehicle Lease GST ACC102 Accounting Information Systems Page 1 of 7 T1/2022 3) Add the following accounts in the List of Accounts: Account type Account number Other asset 1-1315 New account name Provision for Doubtful Debts Tax code N-T Other asset 1-1360 Prepayments N-T Income 4-9000 Discounts Received GST 4) Change the following linked accounts: Type Sales Terms From To I give discounts for early payment 6-3400 5-9000 Discounts Given Purchases I take discounts for early payment 5-6000 Discounts Received Discounts Given 4-9000 Discounts Received After your change the linked accounts, delete the old accounts: Discounts Given (#6-3400) and Discounts Received (#5-6000). 5) Insert the following account opening balances: Account no. Account name 1-1110 Cheque Debit 134,000 Credit 1-1310 Trade Debtors 22,000 1-1320 Inventory 60,000 1-2110 Plant and Equipment at cost 10,000 1-2310 Office Equipment at cost 6,000 2-1210 GST Collected 2,000 2-1220 GST Paid 3,500 2-1510 Trade Creditors 33,000 2-2100 Business Loan #1 100,000 3-1000 Owners Capital 100,000 6) Create cards for the following suppliers using Easy Setup Assistant for Purchases. Use an items purchase layout: Name and Address Adidas Pty Ltd. 10 South Street Rydalmere, NSW 2116 Nike Australia Pty Ltd. 483 Parramatta Road Leichhardt, NSW 2040 Card ID Terms Expense Credit Account Limit ABN Sup 001 7% 11 days/Net 30 18 103 5-1000 $40,000 083 318 Sup 002 4% 20 days/Net 30 5-1000 $40,000 23 404 204 333 7) Record the following outstanding supplier balances in the Historical Purchases section in June 2021: Suppliers Date Tax Invoice No Details Sales Total Freight GST Invoice Total Terms Adidas Pty Ltd. 30 June 2021 101551 50 pr Sport Shorts @ $30 ($1,500) 20 pr Sport Shoes @ $110 ($2,200)15 Track Suits @ $250 (3,750) $7,450 $50 $750 $8,250 Nike Australia Pty Ltd. 30 June 2021 550988 50 Baseball Caps @ $15 ($750) 15 pr Sport Shoes @220 ($3,300) $4,050 $50 $410 $4,510 7% 11 days/Net 30 4% 20 days/Net 30 8) Create cards for the following customers through Easy Setup Assistant for Sales. Use the item invoice layout: Name and Address Card ID Phone Contact Credit Terms Limit Department of Education Cus 001 93 Mitchell Street (08) 9813 3900 Cherry Big $40,000 10% 10 days/Net Darwin, NT 0800 30 Katherine Sports Store Cus 002 (08) 9722 47 Giles Street 7272 David Chang $30,000 10% 10 days/Net Katherine, NT 0850 30 9) Record the following historical sales: Customers Date Tax Invoice No Details Delivery Fee Invoice Total Terms Department of Education 30 April 2021 1015 20 T-shirts for $1,980 10 pair Adidas Shoes for $1,650 10 pair Nike Shoes for $3,080 20 Baseball Caps for $330 $60 $7,810 (Invoice includes $710 GST) 10%/10 Net 30 Katherine Sports 31 May 2021 1083 10 Track Suits for $3,850 10 Adidas Sports Shoes for $1,650 $0 $5,500 (Invoice includes $500 GST) 10%/10 Net 30 ACC102 Accounting Information Systems T1/2022 10) Page 3 of 7 Setup the following inventory items and enter the quantity of each item on hand as at 1/7/21 with their opening balances below. Use 1- 1320 inventory as the default adjustment account. Item No Item Name A-101 T-shirt A-111 Sport Shorts A-121 Track Suit A-131 Adidas Sports A-201 Baseball Cap A-231 Nike Sports Shoes Shoes Cost of sales 5-1000 5-1000 5-1000 5-1000 5-1000 account Income account 4-1000 4-1000 4-1000 4-1000 4-1000 Inventory account 1-1320 1-1320 1-1320 1-1320 1-1320 5-1000 4-1000 1-1320 Buying Unit of Each Pair Each Pair Each Pair Measure Items per Buying 1 1 1 1 1 1 Unit Tax Code GST GST GST GST GST GST Minimum Stock Alert Primary Supplier Default Reorder Quantity Base Selling Price 20 Adidas Pty Ltd. 20 20 20 100 Adidas Pty Ltd. 100 Adidas Pty Ltd. Adidas Pty Ltd. 20 Nike Australia P/L 20 Nike Australia P/L $99 including GST $55 including GST 100 $385 including GST 100 100 100 $165 including GST $16.50 including GST $308 including GST Selling Unit of Each Pair Measure 3 of 7 Pair Each Pair Units on Hand 100 65 Cost (Excl. GST) $50 Total $5,000 $30 $1,950 35 $250 17 75 32 $110 $15 $220 $8,750 $1.870 $1,125 $7,040 11) Use Spend Money in the Banking module to process the cheque below for 12 months' business insurance. Create a supplier card called Global Insurance and post to the prepayments asset account. 11) Use Spend Money in the Banking module to process the cheque below for 12 months' business insurance. Create a supplier card called Global Insurance and post to the prepayments asset account. Main Information Date 1/7/21 Cheque No. 00135 Payee Details Global Insurance 12 months' business insurance Amount $2.640 Dissection Prepayments GST $2,400 $240 Total $2.640 ACC102 Accounting Information Systems T1/2022 Page 4 of 7 Date 06/7/21 06/7/21 Receipt No 025 026 12) Record the following July transactions: Main Information Received from Dissection Details Amount Discount GST Discount Total Department of Education Katherine Sports Store All invoices All invoices $7,810 $5,500 0 0 0 0 0 0 13) Record the following cheques payments: Main Information Dissection Date 06/7/21 06/7/21 Cheque No 00136 00136 Payee Adidas Nike Details Payment for all invoices with prompt payment discount Payment for all invoices with prompt payment discount Amount $7.837.50 $4,284.50 Discount GST $375 $37.50 $205 $20.5 Discount Total $412.50 $225.5 14) Record the following credit purchases: Suppliers Date Tax Invoice No Details Sales Total Freight GST Adidas Pty Ltd. 10 July 2021 101632 60 pr Sport Shorts @ $30 ($1,800) 20 pr Sport Shoes @ $110 ($2,200) 10 Track Suits @ $250 (2,500) $6,500 $125 $662.50 Nike Australia Pty Ltd. 10 July 2021 551285 100 Baseball Caps @ $15 ($1,500) 20 pr Sport Shoes @220 ($4,400) $5,900 $100 $600 Invoice Total Terms ACC102 Accounting Information Systems T1/2022 $7,287.50 $6,600 7% 11 days/Net 30 4% 20 days/Net 30 15) Record the following credit sales: Customers Date Tax Invoice No Details Department of Education 14 July 2021 1105 20 T-shirts for $1,980 10 pair Adidas Shoes for $1,650 10 pair Nike Shoes for $3,080 20 Baseball Caps for $330 $0 $7,040 (Invoice includes $640 GST) 10%/10 Net 30 Delivery Fee Invoice Total Terms 16) Record the following cheques payments: Katherine Sports 14 July 2021 1106 25 T-shirts for $2,475 10 Track Suits for $3,850 $75 $6,400 (Invoice includes $640 GST) 10%/10 Net 30 Page 5 of 7 Main Information Dissection Date 13/7/21 13/7/21 Cheque No Payee 00140 Adidas 00141 Nike Details Payment for all invoices with prompt payment discount Payment for all invoices with prompt payment discount Amount Discount GST $6.923.125 $331.25 $33.125 $6,270 $300 $30 Discount Total $364.375 $330 17) Record the following receipts from customers: Date Receipt No 21/7/21 028 Main Information Dissection 22/7/21 029 Received from Department of Education Katherine Sports Store Details All invoices with prompt payment discount All invoices with prompt payment discount Amount Discount GST $6,336 $640 $64 $5,760 $581.8 $58.2 Discount Total $704 $640 ACC102 Accounting Information Systems T1/2022 Page 6 of 7 16) Record the following cheques payments: Main Information Dissection Date 13/7/21 13/7/21 Cheque No 00140 00141 Payee Adidas Nike Details Payment for all invoices with prompt payment discount Payment for all invoices with prompt payment discount Amount Discount GST $6,923.125 $331.25 $33.125 $6,270 $300 $30 17) Record the following receipts from customers: Discount Total $364.375 $330 Main Information Dissection Date 21/7/21 22/7/21 Receipt No 028 029 Received from Department of Education Katherine Sports Store Details All invoices with prompt payment discount All invoices with prompt payment discount Amount Discount GST $6,336 $640 $5,760 $581.8 Discount Total $64 $704 $58.2 $640 ACC102 Accounting Information Systems T1/2022 18) Using Enter Purchases and the Paid Today field: Suppliers Date Tax Invoice No Details Nike Australia Pty Ltd. 26 July 2021 551358 50% Discount taken on these Cash Specials: 200 Baseball Caps @ $7.5 ($1,500) 20 pr Nike Sports Shoes @ $110 ($2,200) Page 6 of 7 Sales Total Freight GST Invoice Total Paid Today by Cheque Balance Owing $3,700 $300 $400 $4,400 $4,400 $0 19) Using Enter Sales and the Paid Today field (insert the discount % in the discount column): Customers Date Tax Invoice No Details Department of Education 29 July 2021 1113 25% off Cash Specials: 40 T-shirts for $2,970 40 Sports Shorts for $1,650 40 Baseball Caps for $495 Delivery Fee Invoice Total Paid Today Balance Owing $0 $5,115 $5,115 $0 20) Record the following General Journals on 31 July. Depreciation: Plant and Equipment $104 and Office Equipment $43.75 Expense the monthly prepayment: Business Insurance $200 Provision for doubtful debts: Increase by $100 COMPONENT 2: Produce the following reports and explain in your explanation the performance of Lyons Sport Warehouse in the month of July 2021: Trial balance for July All transaction journals for July Profit and loss statement for the month ending 31 July 2021 Balance sheet as at 31 July 2021 GST [Summary - Cash], 1 to 31 July. Component 1 (25%) - Students are required to process all transactions, as listed in the assignment guideline, in the MYOB software and produce all the reports that are requested. Component 2 (5%) - Students are assessed on their presentation skills and ability to convey the information produced in Component 1. COMPONENT 1: 1) In MYOB AccountRight 2016, create a new data file based on the following information, using the AccountRight Plus: Company Name ABN Address Lyons Sport Warehouse- 32 885 123 678 303 Collins "Your name" Street VIC 3000 Phone: (03) 8648 Current Financial Year 2021 Last month: Conversion Month Accounts Lists July Wholesale and Export/Import June 6610 The main business activity of the Lyons Sport Warehouse is the wholesale supply of sporting goods. 2) Edit the following accounts in the List of Accounts: Account type Account number New account name Tax code Bank 1-1110 Cheque Account N-T Equity 3-1000 Owners Capital N-T Income 4-1000 Sales of Apparel GST Income 4-2000 Sales of Equipment GST Cost of sales 5-1000 Purchases of Apparel GST Cost of sales 5-2000 Purchases of Equipment GST Cost of sales 5-9000 Discounts Given GST Expense 6-2800 Machinery & Equipment Lease GST Expense 6-2900 Motor Vehicle Lease GST ACC102 Accounting Information Systems Page 1 of 7 T1/2022 3) Add the following accounts in the List of Accounts: Account type Account number Other asset 1-1315 New account name Provision for Doubtful Debts Tax code N-T Other asset 1-1360 Prepayments N-T Income 4-9000 Discounts Received GST 4) Change the following linked accounts: Type Sales Terms From To I give discounts for early payment Purchases I take discounts for early payment 6-3400 Discounts Given 5-6000 5-9000 Discounts Given 4-9000 Discounts Received Discounts Received After your change the linked accounts, delete the old accounts: Discounts Given (#6-3400) and Discounts Received (#5-6000). 5) Insert the following account opening balances: Account no. Account name 1-1110 Cheque Debit 134,000 Credit 1-1310 Trade Debtors 22,000 1-1320 Inventory 60,000 1-2110 Plant and Equipment at cost 10,000 1-2310 Office Equipment at cost 6,000 2-1210 GST Collected 2,000 2-1220 GST Paid 3,500 2-1510 Trade Creditors 33,000 2-2100 Business Loan #1 100,000 3-1000 Owners Capital 100,000