Homework Answers
Question 1
3. The "Bank entry" option under Actions on reconciliation screen
Question 2
2. Inventory - Count Inventory
Question 3
4. "Pay Bills" in the purchases Command centre
Question 4
2. Transactions cannot be posted directly to header accounts.
Thanks and Regards
Add Answer to:
Question 1: (5 marks) Which of the following methods can be used to record credit interest...
Question 1 Multiple-Choice Questions (5 marks) 1. When customer records are set up in MYOB to...
Question 1 Multiple-Choice Questions (5 marks) 1. When customer records are set up in MYOB to track accounts receivable, collections received from customers can be recorded via: 1. 2. 3. 4. General Journal entry "Receive Money" in the Banking command centre "Receive Payments" in the Sales command centre All of these options 2. Which of the following documents in MYOB should be used to record a purchase on the business credit card? 1. 2. 3. 4. Purchases - Enter Purchases...
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...
Which of the following is true of Header accounts in the MYOB Accounts List? 1. Header...
Which of the following is true of Header accounts in the MYOB Accounts List? 1. Header accounts are used only for report presentation purposes 2. Transactions cannot be posted directly to Header accounts 3. Sub-totals can be shown against Header accounts, but these are simply a “roll up” of the 4.Detail account balances beneath them 5.All of the above
1. Prepare entries dated June 30 to record: (a) raw materials purchases, (b) direct materials usage(c)...
1.
Prepare entries dated June 30 to record: (a) raw materials
purchases, (b) direct materials usage(c) Indirect materials usage
d) direct labor usage, ) labor usageoverhead costs, () overhead
applied, and () payment of total payroll costs.
Required information [The following information applies to the questions displayed below.) Pro-Weave manufactures stadium blankets by passing the products through a weaving department and a sewing department. The following information is available regarding its June inventories: Raw materials inventory Work in process inventory-Weaving...
Says it (the entry above) is "not complete"??? < 2 3 5 6 6 Record month-end...
Says it (the entry above) is "not
complete"???
< 2 3 5 6 6 Record month-end adjustment. Note: Enter debits before credits. Debit Credit Date March 31 0 3,120 300 General Journal Inventory (ending) Cost of Goods Sold Purchase Returns Purchase Discounts Purchases Freight-In Inventory (beginning) 90 3,300 210 0 Record entry Clear entry View general journal A company has the following transactions during March: March 3 Purchases inventory on account for $3,300, terms 3/10, n/30. March 5 Pays freight...
1. Which of the following are examples of adjusting entries? i) An entry to record interest...
1. Which of the following are examples of adjusting entries? i) An entry to record interest owing on a bank loan at the end of the period. The interest is not yet paid, and is previously unrecorded. ii) A depreciation entry to reflect the use of long-lived equipment during the period. iii) An entry to correct an error that was discovered in the trial balance, when a $100 debit was incorrectly posted to inventory rather than accounts receivable. a. i...
Required information Exercise 5-6B Record credit sales with a sales allowance (LO5-1, 5-2) [The following information...
Required information
Exercise 5-6B Record credit sales with a sales allowance (LO5-1,
5-2)
[The following information applies to the questions
displayed below.]
On April 25, a company installs wiring in a new home for $3,000 on
account. However, on April 27, the company's work does not pass
inspection, and the company grants the customer an allowance of
$550 because of the problem. The customer makes full payment of the
balance owed, excluding the allowance, on April 30.
Exercise 5-6B Parts...
On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances: Credit...
On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances: Credit Debit $ 25,100 46,200 $ 4,200 Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Equipment Accumulated Depreciation Accounts Payable Notes Payable (6%, due April 1, 2022) Common Stock Retained Earnings 20,000 46,000 15,000 1,500 28,500 50,000 35,000 33,100 $152,300 Totals $152,300 During January 2021, the following transactions occur: January 2 Sold gift cards totaling $8,000. The cards are redeemable for merchandise within...
CHA Matching phrase (as used in QuickBooks) to its best definition. Match the term or 5....
CHA Matching phrase (as used in QuickBooks) to its best definition. Match the term or 5. Merging 6. Verify data 7. Inactive account I. Quantity 2. Inventory adjustment 3. Commented report 4. Transfer on hand Sales Tax Liability report 8. Number of inventory part items available at a point in time Transaction type used to record cash transfers between bank accounts Tool used to detect damage to a company's data file Tool used to transfer all activity from one ac...
Give the generaljournal entry to record each of the following transactions for Davidson Company: 1. Issued...
Give the generaljournal entry to record each of the following transactions for Davidson Company: 1. Issued a 6-month, 10 percent note for $74,000 to purchase two forklifts on May 14, 2019 (debit Warehouse Equipment). 2. Discounted its own 180-day, noninterest-bearing note with a principal amount of $28,000 at the Nelson Bank and Trust on May 28, 2019. The bank charged a discount rate of 8 percent. 3. Paid the May 14 note on its due date. 4. Paid the note...
Question 1 Multiple-Choice Questions (5 marks) 1. When customer records are set up in MYOB to track accounts receivable, collections received from customers can be recorded via: 1. 2. 3. 4. General Journal entry "Receive Money" in the Banking command centre "Receive Payments" in the Sales command centre All of these options 2. Which of the following documents in MYOB should be used to record a purchase on the business credit card? 1. 2. 3. 4. Purchases - Enter Purchases...
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...
1.
Prepare entries dated June 30 to record: (a) raw materials
purchases, (b) direct materials usage(c) Indirect materials usage
d) direct labor usage, ) labor usageoverhead costs, () overhead
applied, and () payment of total payroll costs.
Required information [The following information applies to the questions displayed below.) Pro-Weave manufactures stadium blankets by passing the products through a weaving department and a sewing department. The following information is available regarding its June inventories: Raw materials inventory Work in process inventory-Weaving...
Says it (the entry above) is "not
complete"???
< 2 3 5 6 6 Record month-end adjustment. Note: Enter debits before credits. Debit Credit Date March 31 0 3,120 300 General Journal Inventory (ending) Cost of Goods Sold Purchase Returns Purchase Discounts Purchases Freight-In Inventory (beginning) 90 3,300 210 0 Record entry Clear entry View general journal A company has the following transactions during March: March 3 Purchases inventory on account for $3,300, terms 3/10, n/30. March 5 Pays freight...
Required information
Exercise 5-6B Record credit sales with a sales allowance (LO5-1,
5-2)
[The following information applies to the questions
displayed below.]
On April 25, a company installs wiring in a new home for $3,000 on
account. However, on April 27, the company's work does not pass
inspection, and the company grants the customer an allowance of
$550 because of the problem. The customer makes full payment of the
balance owed, excluding the allowance, on April 30.
Exercise 5-6B Parts...
On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances: Credit Debit $ 25,100 46,200 $ 4,200 Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Equipment Accumulated Depreciation Accounts Payable Notes Payable (6%, due April 1, 2022) Common Stock Retained Earnings 20,000 46,000 15,000 1,500 28,500 50,000 35,000 33,100 $152,300 Totals $152,300 During January 2021, the following transactions occur: January 2 Sold gift cards totaling $8,000. The cards are redeemable for merchandise within...
CHA Matching phrase (as used in QuickBooks) to its best definition. Match the term or 5. Merging 6. Verify data 7. Inactive account I. Quantity 2. Inventory adjustment 3. Commented report 4. Transfer on hand Sales Tax Liability report 8. Number of inventory part items available at a point in time Transaction type used to record cash transfers between bank accounts Tool used to detect damage to a company's data file Tool used to transfer all activity from one ac...
Give the generaljournal entry to record each of the following transactions for Davidson Company: 1. Issued a 6-month, 10 percent note for $74,000 to purchase two forklifts on May 14, 2019 (debit Warehouse Equipment). 2. Discounted its own 180-day, noninterest-bearing note with a principal amount of $28,000 at the Nelson Bank and Trust on May 28, 2019. The bank charged a discount rate of 8 percent. 3. Paid the May 14 note on its due date. 4. Paid the note...
Most questions answered within 3 hours.
-
Industry: Telecommunications in India
Here, you need to discuss the sources of the growth pattern
and...
asked 19 minutes ago -
Hydrobromic acid
dissolves solid iron according to the followiaung reaction:
Fe(s)+2HBr(aq)→
FeBr2(aq)+ H2(g)
Part A. What...
asked 1 hour ago -
Verify the following vector identity in SPHERICAL
COORDINATES.
div(curl(A)) = 0
asked 3 hours ago -
The work function (Φ) for a metal is 7.50×10-19 J.
What is the longest wavelength (nm)...
asked 4 hours ago -
1. Would the following procedural changes cause the
calculated mass percent Ni2+ ion in Ni(NH3)nCl2 to...
asked 5 hours ago -
1. Why does the voltage of the capacitor vary with frequency?
where does this missing voltage...
asked 7 hours ago -
p p please write each step out clearly
3. A manager of a company is considering...
asked 6 hours ago -
On October 1, Ebony Ernst organized Ernst Consulting; on October
3, the owner contributed $83,540 in...
asked 7 hours ago -
A.)As an electron moves through a region of space, its speed
decreases from 9.60 × 106...
asked 7 hours ago -
In java with the netbeans program do:
Through object programming
Create a class "ContadorP", which is...
asked 7 hours ago -
Pattern Corporation acquired all of Science
Company's outstanding stock on January 1, 2016 for $600,000 cash....
asked 7 hours ago -
Here are all accounts Tyler Co. maintains.
Tax expenses $4,750
Common stocks $48,840
SG&A expenses $2,500...
asked 7 hours ago