Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Accounting Transactions using MYOB: show how each transaction is entered into MYOB and provide a paragraph explination of how and why this needs to be

Accounting Transactions using MYOB:
show how each transaction is entered into MYOB and provide a paragraph explination of how and why this needs to be done, all transactions, and considerations.
Transactions from early January 2024
2 Obtained a loan of $12,000 from Uncle Roderigo (a family relative of Imogen Braun) at a simple interest rate of 8% per year, Cheque No.139, ID #CR000001. The principal and interest on the loan are payable in six months time.
3 Purchased 8 units Swish Phones from Pear Technology at $1,683 each (includes 10% GST), Purchase #346, Supplier Inv#106. Issued Cheque No.4056 for $7,400 to this supplier for this particular invoice at the time of the purchase.
3 Issued Cheque No.4057 for $1,980(includes 10% GST) to Discount Office Supplies for the cash purchase of office supplies.
4 Received Cheque No.223 from Jerry Technology for the full amount outstanding on their account, ID #CR000002.
5 Issued Cheque No.4058 for $8,470 to Big Telco in payment of Purchase #343(Supplier Inv#204).
6 Sold the following items on credit to Hypertronics, Invoice #3378:
3 units BG90 plasma televisions for $1,540 each (includes 10% GST)
4 units Tony ZIO MLP projectors for $1,980 each (includes 10% GST).
$4,400 was received immediately, Cheque No.633, 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.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting

Authors: Tony Davies, Ian Crawford

1st Edition

0273723073, 9780273723073

More Books

Students also viewed these Accounting questions

Question

Does it have at least one-inch margins?

Answered: 1 week ago

Question

Does it have correct contact information?

Answered: 1 week ago

Question

Does it exceed two pages in length?

Answered: 1 week ago