Question
Transactions: Late January It is now the last day of January Maria gives you the final list of transactions to record in MYOB. The following
Transactions: Late January
It is now the last day of January
Maria 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 2020:
| Transactions from late January 2020 | ||
| 24 | Sold items on credit to Turbo Tech. Some of these items were previously ordered on 13 January, Customer PO#7344. Forwarded Invoice #3025 and delivered the following items to Turbo Tech:
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| 24 | Returned 4 faulty BG90 plasma televisions that were purchased on 8 January (original Purchase #306) for $1,661 each (includes 10% GST). The reference number for this purchase return is Purchase #309. Mega Tech authorised the return and issued credit note Supplier Inv#VCM0001 which is to be applied to Invoice No. 183. | |
| 25 | Pikea returned 2 units BlueBerry phones that were originally purchased on 17 January, for $1,870 each (includes 10% GST) original Invoice #3026. Maria issued a credit note (negative invoice) #3027 for the return of the above items and applied that credit note to the original invoice. | |
| 29 | Issued Cheque No. 4073 to Mega Tech for the full balance outstanding on the account. | |
| 31 | Received Cheque No. 616 from Jerry Technology in full payment of Invoice No. 3020, ID #CR000007. | |
| 31 | Issued Cheque No. 4074 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 Maria 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. 4075 for $2,890 to pay for the current month's salary of the accountant. The base salary for the month was $3,400 and Maria calculated the Pay-As-You-Go (PAYG) tax withheld using a new tax table as $510. No other taxes or allowances applied. | |
| 31 | Issued Cheque no. 4076 for the amount of $1,870 (includes 10% GST) to PowerGen for payment of the electricity bill for the current month. | |
| 31 | Paid $1,760 (includes 10% GST) to Vopstra for the current month's phone bill, Cheque no. 4077. | |
| 31 | Issued Cheque No. 4078 for $230 to BitiBank for the current month's interest on bank loan (use the FRE tax code). | |
Once you have entered those transactions into MYOB, Maria instructs you to prepare a bank deposit slip for any cheque received throughout late January and print a more up-to-date trial balance. As usual, she will ask you to answer several questons about MYOB to test that you really know how to perform the given tasks.
- .Question Fill the trail balance
The trial balance: Late January
The trial balance for Hi-Fi Way as of 31 January 2020 is shown below. Remember that account numbers will be automatically populated into the Account # column based on the selections made in the Account column.
Hi-Fi Way Trial Balance January 2020
| Account # | Account | YTD Debit ($) | YTD Credit ($) |
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| 1-1110 | Cheque Account(select) |
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| 1-1200 | Accounts Receivable(select) |
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| 1-1210 | Less Prov'n for Doubtful Debts(select) |
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| 1-1300 | Inventory(select) |
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| 1-1400 | Office Supplies(select) |
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| 1-1500 | Prepaid Rent(select) |
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| 1-3110 | Property & Equipment at Cost(select) |
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| 1-3120 | Property & Equipment Accum Dep(select) |
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| 2-1200 | Accounts Payable(select) |
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| 2-1310 | GST Collected(select) |
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| 2-1330 | GST Paid(select) |
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| 2-1420 | PAYG Withholding Payable(select) |
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| 2-1800 | Short Term Loans(select) |
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| 2-2100 | Bank Loans(select) |
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| 3-1100 | Share Capital(select) |
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| 3-8000 | Retained Earnings(select) |
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| 4-1100 | Sales Revenue(select) |
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| 5-1100 | Cost of Sales(select) |
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| 3-1100 | Share Capital(select) |
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| 3-8000 | Retained Earnings(select) |
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| 4-1100 | Sales Revenue(select) |
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| (select) |
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| (select) |
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| (select) |
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| (select) |
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| (select) |
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| Total: | 0 | 0 |
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