this a question for the myob accounting software. - what is the difference between the spend...
this a question for the myob accounting software. - what is the difference between the spend money function and general journal function? do i record wages expense, fuel expense, bank fees, advertising under general journal or spend money? all paid with cash using the cheque account.
Homework Answers
Answer) General Journal : "Genneral Journal refers to the books of original entries. In which raw business transaction can be recorded in order according to the date of event/ transaction occur. For Example Fixed asset purchased on credit, Adjustment Entries and Closing Entries etc.
Spend Money: Spend money voucher is used where any transaction involves Cash or Bank Account. Any exepnses paid by cash or Bank A/c or other transaction related to cash or Bank.
Advise : So it is better to use spend money voucher if your are paying expenses through cash and bank account. And If you are not paying through cash or bank and creating payable account against that expenses you can use general journal.
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this a question for the myob accounting software. - what is the
difference between the spend...
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...
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Prepare:
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Question 3 The following information is available to reconcile Tariq Enterprise book balance of cash with...
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Accounting Help The general ledger of Michelle Company Ltd. showed a cash balance of $21,195 on...
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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...
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...
Prepare:
1. The 10-Column Worksheet
2. A brief analysis of the difference between accrual
and cash profit of the business
5,715 The business has the following opening balances: Cash At Bank Account Receivable Motor Vehicle Account Payable Bank Loan (due 2023) Gym Equipment Stationery Supplies Capital $17,199 $19.023 $35.160 $7.783 $22.102 $21,813 $497 Additional Information: Bank loan interest rates % per year) Motor vehicle useful life (years) Motor vehicle scrap value (S) Insurance paid for (months) Rent paid for (months)...
Question 3 The following information is available to reconcile Tariq Enterprise book balance of cash with its bank statement cash balance as of September 30. The September 30 cash balance according to the accounting records is RM78,356 and the bank statement cash balance for that date is RM83,525. a. The bank incorrectly cleared a RM480 cheque against the account in September that was not issued by Tariq. The cheque documentation included with the bank statement indicates the cheque was actually...
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The general ledger of Michelle Company Ltd. showed a cash balance of $21,195 on 31 December 20X2, while the bank showed a balance of $60,600. The following facts were available: a. The bank collected $12,160 as a direct deposit for one of Michelle's customer as a payment on account. A $30 fee was charged by the bank for administration. Michelle has yet to record either of these amounts. b. Michelle paid a utilities bill of $460 through direct...
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