Homework Answers
Question 1.
Ans. 3 (If you want to record a payment for an invoice entered then use the Receive Payments window in Sales command centre)
Question 2
Ans. 3 (enter a purchase transaction using the Purchases window then record the payment in the Pay Bills window)
Question 3
Ans. 1 (If you have recorded a purchase, you pay the supplier in the Pay Bills window)
Question 4
Ans. 4 ( Find transaction can be performed on any of these parameters )
Question 5
Ans. 4 ( you can find General Journal report Accounts group)
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Question 1 Multiple-Choice Questions (5 marks) 1. When customer records are set up in MYOB to...
Question 1: (5 marks) Which of the following methods can be used to record credit interest...
Question 1: (5 marks) Which of the following methods can be used to record credit interest paid by the Bank in MYOB? All of these options Receive Money in the Banking command centre The "Bank Entry" option under Actions on the reconciliation screen A general journal entry 1. 2. 3. 4. C. Of the following documents, which is not a preformatted document programmed to (at least partially) record a journal entry? Accounts - Record Journal Entry 1. 2. Inventory Count...
When recording a Sales Return in MYOB, which of the following tax codes is most appropriate?...
When recording a Sales Return in MYOB, which of the following tax codes is most appropriate? (1 mark) I. a. GST b. N-T c. FRE d. CAP Which of the following is true of Header accounts in the MYOB Accounts List? (1 mark) Header accounts are used only for report presentation purposes Transactions cannot be posted directly to Header accounts Sub-totals can be shown against Header accounts, but these are simply a П. 1 2. 3. "roll up" of the...
MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1)...
MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) One of the objectives of the bank reconciliation is: A) Pay bills 1) B) Insure the debits equal credits D) None of the choices are correct C) Detect errors 2) When reconciling the bank statement using QuickBooks: A) All deposits listed on the bank statement are selected as cleared in the Reconcile window 2) B) Interest earned is subtracted C) Service charges are added...
Required information The following information applies to the questions displayed below.) The following transactions occur for...
Required information The following information applies to the questions displayed below.) The following transactions occur for the Wolfpack Shoe Company during the month of June: a. Provide services to customers for $21,000 and receive cash b. Purchase office supplies on account for $11,000. c. Pay $5,200 in salaries to employees for work performed during the month. 2. Record the transactions. (If no entry is required for a particular transaction/event, select "No journal entry required" in the first account field.) View...
Terrapin Company engages in the following external transactions for November. 1. Purchase equipment in exchange for...
Terrapin Company engages in the following external transactions for November. 1. Purchase equipment in exchange for cash of $23.900. 2. Provide services to customers and receive cash of $4,700. 3. Pay the current month's rent of $1,100. 4. Purchase office supplies on account for $1.200. 5. Pay employee salaries of $1,500 for the current month. Required: Record the transactions. Terrapin uses the following accounts: Cash, Supplies, Equipment, Accounts Payable. Service Revenue, Rent Expense, and Salaries Expense. (If no entry is...
Problem 5-3A Record transactions related to accounts receivable (LO5-3,5-4,5-5) The following information applies to the questions...
Problem 5-3A Record transactions related to accounts receivable (LO5-3,5-4,5-5) The following information applies to the questions displayed below. The following events occur for The Underwood Corporation during 2021 and 2022, its first two years of operations. Provide service from customers and from services June 12, 2021 Provide services to customers on account for $32,000. September 17, 2021 Receive $17,500 from customers on account. December 31, 2021 Estimate that 45% of accounts receivable at the end of the year will not...
The following information applies to the questions displayed below.) The general ledger of Red Storm Cleaners...
The following information applies to the questions displayed below.) The general ledger of Red Storm Cleaners at January 1, 2018, includes the following account be Credits Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Salones Payable Common Stock Retained Earnings Debits $ 12,500 6.500 2,500 17,500 $ 6,000 8,500 17.500 7,000 Totals $39,000 $39,000 The following is a summary of the transactions for the year. a. March 12 Provide services to customers, 545,000, of which $19,500 is on account. b. May...
Required information Exercise 3-21A Complete the accounting cycle (LO3-3, 3-4, 3-5, 3-6) On January 1, 2021,...
Required information Exercise 3-21A Complete the accounting cycle (LO3-3, 3-4, 3-5, 3-6) On January 1, 2021, the general ledger of Dynamite Fireworks includes the following account balances: Credit Accounts Cash Accounts Receivable Supplies Land Accounts Payable Common Stock Retained Earnings Totals Debit $24,300 5,700 3,600 55,000 $ 3,700 70,000 14,900 $88,600 $88,600 During January 2021, the following transactions occur: January 2 Purchase rental space for one year in advance, $7,500 ($625/month). January 9 Purchase additional supplies on account, $4,000. January...
Required information [The following information applies to the questions displayed below.) On January 1, 2021, the gene...
Required information [The following information applies to the questions displayed below.) On January 1, 2021, the general ledger of Big Blast Fireworks includes the following account balances: Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Accounts Payable Notes Payable (6%, due in 3 years) Common Stock Retained Earnings Totals Debit Credit $ 22,700 38,500 $ 3,900 34,000 67,600 30,400 34,000 60,000 34,500 $162,800 $162,800 The $34,000 beginning balance of inventory consists of 340 units, each costing $100. During...
1. The FASB takes on a responsibility to do the following, except: Multiple Choice Set the...
1. The FASB takes on a responsibility to do the following, except: Multiple Choice Set the objectives of financial reporting. Describe the elements of financial statements. Judge disputes between management and the CPA. Determine the criteria for deciding what information to include in financial statements. 2. Which of the following is not a step in the accounting cycle? Multiple Choice Prepare financial statements. Prepare an adjusted trial balance. Prepare a trial balance. Prepare a purchase order. 3. Which of the...
Question 1: (5 marks) Which of the following methods can be used to record credit interest paid by the Bank in MYOB? All of these options Receive Money in the Banking command centre The "Bank Entry" option under Actions on the reconciliation screen A general journal entry 1. 2. 3. 4. C. Of the following documents, which is not a preformatted document programmed to (at least partially) record a journal entry? Accounts - Record Journal Entry 1. 2. Inventory Count...
When recording a Sales Return in MYOB, which of the following tax codes is most appropriate? (1 mark) I. a. GST b. N-T c. FRE d. CAP Which of the following is true of Header accounts in the MYOB Accounts List? (1 mark) Header accounts are used only for report presentation purposes Transactions cannot be posted directly to Header accounts Sub-totals can be shown against Header accounts, but these are simply a П. 1 2. 3. "roll up" of the...
MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) One of the objectives of the bank reconciliation is: A) Pay bills 1) B) Insure the debits equal credits D) None of the choices are correct C) Detect errors 2) When reconciling the bank statement using QuickBooks: A) All deposits listed on the bank statement are selected as cleared in the Reconcile window 2) B) Interest earned is subtracted C) Service charges are added...
Required information The following information applies to the questions displayed below.) The following transactions occur for the Wolfpack Shoe Company during the month of June: a. Provide services to customers for $21,000 and receive cash b. Purchase office supplies on account for $11,000. c. Pay $5,200 in salaries to employees for work performed during the month. 2. Record the transactions. (If no entry is required for a particular transaction/event, select "No journal entry required" in the first account field.) View...
Terrapin Company engages in the following external transactions for November. 1. Purchase equipment in exchange for cash of $23.900. 2. Provide services to customers and receive cash of $4,700. 3. Pay the current month's rent of $1,100. 4. Purchase office supplies on account for $1.200. 5. Pay employee salaries of $1,500 for the current month. Required: Record the transactions. Terrapin uses the following accounts: Cash, Supplies, Equipment, Accounts Payable. Service Revenue, Rent Expense, and Salaries Expense. (If no entry is...
Problem 5-3A Record transactions related to accounts receivable (LO5-3,5-4,5-5) The following information applies to the questions displayed below. The following events occur for The Underwood Corporation during 2021 and 2022, its first two years of operations. Provide service from customers and from services June 12, 2021 Provide services to customers on account for $32,000. September 17, 2021 Receive $17,500 from customers on account. December 31, 2021 Estimate that 45% of accounts receivable at the end of the year will not...
The following information applies to the questions displayed below.) The general ledger of Red Storm Cleaners at January 1, 2018, includes the following account be Credits Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Salones Payable Common Stock Retained Earnings Debits $ 12,500 6.500 2,500 17,500 $ 6,000 8,500 17.500 7,000 Totals $39,000 $39,000 The following is a summary of the transactions for the year. a. March 12 Provide services to customers, 545,000, of which $19,500 is on account. b. May...
Required information Exercise 3-21A Complete the accounting cycle (LO3-3, 3-4, 3-5, 3-6) On January 1, 2021, the general ledger of Dynamite Fireworks includes the following account balances: Credit Accounts Cash Accounts Receivable Supplies Land Accounts Payable Common Stock Retained Earnings Totals Debit $24,300 5,700 3,600 55,000 $ 3,700 70,000 14,900 $88,600 $88,600 During January 2021, the following transactions occur: January 2 Purchase rental space for one year in advance, $7,500 ($625/month). January 9 Purchase additional supplies on account, $4,000. January...
Required information [The following information applies to the questions displayed below.) On January 1, 2021, the general ledger of Big Blast Fireworks includes the following account balances: Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Accounts Payable Notes Payable (6%, due in 3 years) Common Stock Retained Earnings Totals Debit Credit $ 22,700 38,500 $ 3,900 34,000 67,600 30,400 34,000 60,000 34,500 $162,800 $162,800 The $34,000 beginning balance of inventory consists of 340 units, each costing $100. During...
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