Problem - Transactions: Early January

It is now 7 January 2018

You find a note on your desk from Duncan instructing you to record a list of transactions that occurred during the first week of January as follows:

Transactions from early January 2018

1. Issued Cheque No. 4047 for $1,980 (includes 10% GST) to Discount Office Supplies for the cash purchase of office supplies.

2. Obtained a loan of $12,000 from Uncle Barnardo (a family relative of Duncan Pauli) at a simple interest rate of 8% per year, Cheque No. 193, ID #CR000001. The principal and interest on the loan are payable in six months time.

3. Received Cheque No. 232 from Hypertronics for the full amount outstanding on their account, ID #CR000002.

4. Issued Cheque No. 4048 for $10,802 to Mega Tech in payment of Purchase #305 (Supplier Inv#278).

5. Purchased 8 units Mieca camera lenses from Pony at $1,353 each (includes 10% GST), Purchase #308, Supplier Inv#675. Issued Cheque No. 4049 for $5,100 to this supplier for this particular invoice at the time of the purchase.

6. Sold the following items on credit to Handys Electronics, Invoice #3226:

• 3 units BG90 plasma televisions for $1,430 each (includes 10% GST)
• 3 units Swish Phones for $2,310 each (includes 10% GST).

$6,000 was received immediately, Cheque No. 634, 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.

After you have finished recording the above transactions in MYOB, Duncan 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 -

1. Use MYOB to record the above transactions for The Digital Village.

2. Answer all of the questions about MYOB that Duncan asks below.

Questions on MYOB -

After you have recorded the given transactions in MYOB, Duncan 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.

1. From the main command centre window, click the Banking icon to open the Banking Command Centre.

2. In the flowchart section for that command centre, click Bank Register.

3. 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:

Duncan 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:

1. In the main command centre window, click the Sales icon to open the Sales Command Centre.

2. In flowchart section for that command centre, click Enter Sales.

3. 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:

Date

Customer SO#

Ship to

Customer

Note: After answering this question, click the Cancel button to close the MYOB window without saving the sale.

Duncan wants to know how you recorded the payment of an accounts payable that occurred during the beginning of January in MYOB.

Duncan 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

Inventory → Purchase items

Banking → Pay Bills

Banking → Spend Money

Purchases → Pay Bills

Duncan wants to know how you recorded the cash purchase of office supplies that occurred during the beginning of January in MYOB.

Duncan 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

Banking → Enter Purchases

Purchases → Bill Payment

Purchases → Record Journal Entry

Banking → Spend Money