Perdisco MYOB Practice Set First Trial Balance PDF

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Perdisco MYOB Practice Set First Trial Balance...

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First trial balance

https://www.perdisco.com/elms/qsam/html/qsam.as

MYOB AccountRight Practice Set Australian Edition 3, Updated for MYOB v19 Bookmark

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Completed By: Charlotf1

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Feedback: First trial balance 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.

Providing information about the company As you return to your desk from your lunch break, you meet Phebe who asks you to create a bank deposit slip dated 7 January 2019 and enter the cheques received during the first week of January into that deposit slip. She also asks you to print the latest trial balance, aged receivables and aged payables report immediately. She wants to know the current state of the company's accounts because she has to meet prospective investors soon. Phebe then tells you that she will ask more questions about your work today after returning from the meeting.

Instructions 1. Use MYOB to create a bank deposit slip as of 7 January 2019 (ID #CR000004) and include all of the cheques received during the first week of January into that deposit slip. 2. Use MYOB to print the latest trial balance for Hi-Fi Way that does not include accounts with zero balances. Transcribe your answers into the trial balance provided below. 3. Use MYOB to print the current Aged Receivables [Summary] report for Hi-Fi Way as of 7/01/2019. Transcribe your answers into the Aged Receivables [Summary] report below. Note: • • •

You must customise this report so that it includes line items with zero balances. If a customer account has a debit balance, enter the amount as a positive number. If the balance in the customer account is a credit, enter the balance as a negative number.

4. Use MYOB to print the current Aged Payables [Summary] report for Hi-Fi Way as of 7/01/2019. Transcribe your answers into the Aged Payables [Summary] report below. Note: • • •

You must customise this report so that it includes line items with zero balances. If a supplier account has a credit balance, enter the balance as a positive number. If the balance of the supplier account is a debit, enter the amount as a negative number.

5. Answer all of the questions about MYOB that Phebe asks you below.

• •

Completed: 60% (approximately) Remaining pages: up to 4.00 hours

Time frames are only a guide. You may take more or less time to complete each page.

Your grading outcome (still in progess) Awarded Points

Total Points

Prior to this page

90

105

On this page

67

69

0

235

157

409

After this page Total

MYOB Learning Centre • •

MYOB Learning Centre Quick reference guide

Information from previous pages

The trial balance: Early January The trial balance for Hi-Fi Way as of 7 January 2019 is shown below:

• • • •

Welcome page Academic integrity General instructions Navigating your practice set

First trial balance

https://www.perdisco.com/elms/qsam/html/qsam.as • • • • •

Hi-Fi Way Trial Balance January 2019 Account #

Account

1-1110

Cheque Account

83323

0

1-1200

Accounts Receivable

38865

0

1-1210

Less Prov'n for Doubtful Debts

1-1300

Inventory

1-1400

Office Supplies

1-3110

Property & Equipment at Cost

1-3120

Property & Equipment Accum Dep

2-1200

Accounts Payable

0

31358

2-1310

GST Collected

0

9172

2-1330

GST Paid

6964

0

2-1420

PAYG Withholding Payable

2-1800

Short Term Loans

2-2100

Bank Loans

44,000

3-1100

Share Capital

40,000

3-8000

Retained Earnings

4-1100

Sales Revenue

5-1100

YTD Debit ($)

YTD Credit ($)

739

112030

0

1853

0

47500

0

11,227

1,920

0

12000

128,727

0

168324

Cost of Sales

117323

0

6-1100

Depreciation Expense

11,227

6-1800

Office Supplies Expense

6-1930

Salaries Expense

6-2200

Telephone Expense

3,391

6-2420

Electricity Expense

3,385

6-2500

Bank Charges

6-2600

Bad Debts Expense

9-1000

Interest Expense Total:

2939

0

17,186

30 1,011 440 447467

447467

Accounting policies and procedures Creating the company file Setup information Spend money (first transaction) Transactions list (to 7 January)

First trial balance

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Feedback

Hi-Fi Way Trial Balance January 2019 Account # Account

YTD Debit ($) YTD Credit ($)

1-1110

Cheque Account

83,323

1-1200

Accounts Receivable

38,865

1-1210

Less Prov'n for Doubtful Debts

1-1300

Inventory

1-1400

Office Supplies

1-3110

Property & Equipment at Cost

1-3120

Property & Equipment Accum Dep

11,227

2-1200

Accounts Payable

31,358

2-1310

GST Collected

2-1330

GST Paid

2-1420

PAYG Withholding Payable

2-1800

Short Term Loans

12,000

2-2100

Bank Loans

44,000

3-1100

Share Capital

40,000

3-8000

Retained Earnings

128,727

4-1100

Sales Revenue

168,324

5-1100

Cost of Sales

6-1100

Depreciation Expense

6-1800

Office Supplies Expense

6-1930

Salaries Expense

6-2200

Telephone Expense

3,391

6-2420

Electricity Expense

3,385

6-2500

Bank Charges

6-2600

Bad Debts Expense

9-1000

Interest Expense

739 112,030 1,853 47,500

9,172 6,964 1,920

117,323 11,227 2,939 17,186

30 1,011 440

Total:

447,467

447,467

Aged Receivables [Summary] report The Aged Receivables [Summary] report for Hi-Fi Way as of 7 January 2019 is shown below:

Hi-Fi Way Aged Receivables [Summary] 7/01/2019 Name

Total Due ($)

First trial balance

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20132

Handys Electronics

0

Hypertronics

18733

Radio Hut

38865

Total

Feedback

Hi-Fi Way Aged Receivables [Summary] 7/01/2019 Name

Total Due ($)

Handys Electronics

20,132

Hypertronics

0

Radio Hut

18,733

Total

38,865

Aged Payables [Summary] report The Aged Payables [Summary] report for Hi-Fi Way as of 7 January 2019 is shown below:

Hi-Fi Way Aged Payables [Summary] As of 7/01/2019 Name Big Telco Moon Megasystems Pear Technology Total

Feedback

Total Due ($)

0 5500 25858 31358

First trial balance

https://www.perdisco.com/elms/qsam/html/qsam.as

Hi-Fi Way Aged Payables As of 7/01/2019 Vendor Big Telco Moon Megasystems

0-30 ($) 0 5,500

Pear Technology

25,858

Total

31,358

Questions on MYOB (Q=234.F.M.EJTB.P1.Q1)

After returning from the meeting, Phebe asks you to click the Reports menu, select Index to Reports and click the Sales tab to identify which of the following is not in the list of sales reports in MYOB: Ageing Summary Customer Ledger Account Reconciliation Sales & Receivables Journal

(Q=234.F.M.EJTB.P2.Q2)

Phebe asks you to identify the finishing options that can be selected when customising the trial balance report in MYOB. To do this, she asks you to perform the following steps in MYOB: 1. From the Reports menu, select Index to Reports to open the Index to Reports window. 2. In that window, click the Accounts tab and click the Trial Balance option to highlight that report selection. 3. Next, click the Customise icon and in the Report Customisation - Trial Balance window that appears, click the Finishing tab. In the window that appears after the above steps are performed, select the finishing option that is available to modify a trial balance report in MYOB: Include Inactive Accounts Report Level Include $0.00 Balances Include Subtotals

(Q=234.F.M.EJTB.P3.Q2)

Phebe then wants to know whether you understand the purpose and use of the trial balance in the accounting cycle. Select the correct statement about the trial balance: The trial balance shows all general ledger accounts and their balance over a specific period of time. The trial balance is only prepared after preparing the financial statements. The trial balance is a list of all customer accounts and their balance at a specific point in time. The purpose of the trial balance is to confirm that total debits entered into the accounts is equal to total credits.

(Q=212.Q.M.EJTB.P4.Q1)

Phebe asks you to perform the following steps to open the deposit slip that you have previously created. Then in the table below, record the running totals that are shown at the bottom of the Prepare Bank Deposit window.

First trial balance

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1. 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, search for the deposit slip that you have previously entered into MYOB and double click on a line item for that deposit slip. Complete the fields below using the totals that are presented in the Prepare Bank Deposit window that appears after the above steps are performed.

3

Number of Deposits Included: Total Deposit Amount:

$

25716

Feedback

Number of Deposits Included: Total Deposit Amount:

3 $26,716

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