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MYOB Predisco

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MYOB Predisco
Answered Same Day Apr 17, 2020

Solution

Samir answered on Apr 21 2020
117 Votes
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MYOB AccountRight Practice Set
Australian Edition 3, Updated for MYOB v19
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MYOB AccountRight Practice Set
Australian Edition 3, Updated for MYOB v19
Feedback: Adjusting entries
This is a feedback page. Please review this page carefully. It includes the original questions along with grading
esponses and detailed feedback. After you have reviewed this feedback page, click Continue at the bottom of th
for the next page of your practice set.
Types of adjustments required
After examining the January bank reconciliation statement, Juliet asks
you to record the end of January adjustments. She then reminds you
to use the N-T tax code for all accounts that are involved in adjusting
entries. The adjustments have been calculated using The Digital
Village's accounting policies :
An additional $2,499 of accounts receivable is expected to be
uncollectible.
Interest accrued for the month of January on the short-term loan
from Uncle Richard is $125.
Rent expired during the month of January is $1,000.
A stocktake of office supplies at the end of the month shows that
the business has consumed $660 worth of supplies during the
month of January.
Depreciation on Property & Equipment for the month of January is
$292.
After you have recorded the month-end adjustments into MYOB, Juliet
instructs you to generate the adjusted trial balance that shows all
account balances. As usual, Juliet tells you that she will ask you to
answer several questions about recording adjusting entries in MYOB.
Instructions
Use MYOB to record all of the January adjusting entries for The
Digital Village in MYOB. Note that you must record those entries
as at 31 January 2018 and use the N-T tax code for all
accounts that are used in adjusting entries.
When you have finished recording the given adjusting entries,
use MYOB to print the full trial balance for The Digital Village
and transcribe your answers into the trial balance provided
elow. Note that this time you are required to provide all
accounts and their balance including those with zero
amounts (balances).

In the trial balance below, select accounts by clicking on
'(select)' in the Account column. A popup window will appea
where you select the appropriate account and your selection
will automatically populate the Account # column. Next, ente
the balance of each account into the appropriate YTD Debit and
YTD Credit columns of your trial balance.
Answer all of the questions about MYOB that are presented on
this page.
The Adjusted trial balance
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1-1110 Cheque Account
1-1180 Undeposited Funds
1-1190 Electronic Clearing Account
1-1200 Accounts Receivable
1-1210 Less Prov'n for Doubtful Debts
1-1300 Inventory
1-1400 Office Supplies
1-1500 Prepaid Rent
1-3110 Property & Equipment at Cost
1-3120 Property & Equipment Accum
2-1200 Accounts Payable
2-1310 GST Collected
2-1330 GST Paid
2-1410 Salaries Payable
2-1420 PAYG Withholding Payable
2-1700 Interest Payable
2-1800 Short Term Loans
2-2100 Bank Loans
3-1100 Share Capital
3-8000 Retained Earnings
3-9999 Historical Balancing
4-1100 Sales Revenue
5-1100 Cost of Sales
6-1100 Depreciation Expense
6-1800 Office Supplies Expense









Navigating your practice set
Accounting policies and procedures
Creating the company file
Setup information
Spend money (first transaction)
Transactions list (to January 31)
Bank reconciliation information
Reconciliation report
Trial balance (pre adjustments)
The adjusted trial balance for The Digital Village as of 31 January
2018 is shown below. Remember that you are asked to provide all
accounts including those with zero amounts (balances). As
mentioned previously, account numbers will be automatically
populated into the Account # column based on the selections made in
the Account column.
The Digital Village
Trial Balance
January 2018
Account # Account YTD Debit ($) YTD Credit ($)
(select) 89728 0
(select) 0 0
(select) 0 0
(select) 129437 0
(select) 0 3317
(select) 114930 0
(select) 1304 0
(select) 5000 0
(select) 40000 0
(select) 0 11667
(select) 0 56153
(select) 0 21243
(select) 13541 0
(select) 0 0
(select) 0 3105
(select) 0 125
(select) 0 15000
(select) 0 47000
(select) 0 45000
(select) 0 151622
(select) 0 0
(select) 0 301241
(select) 206202 0
(select) 11667 0
(select) 2980 0
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javascript:f0_callAccountsPopUpMyobWindow('accListA', '610.trialBalance', 'trialBalance');
javascript:f0_callAccountsPopUpMyobWindow('accListB', '610.trialBalance', 'trialBalance');
javascript:f0_callAccountsPopUpMyobWindow('accListC', '610.trialBalance', 'trialBalance');
javascript:f0_callAccountsPopUpMyobWindow('accListD', '610.trialBalance', 'trialBalance');
javascript:f0_callAccountsPopUpMyobWindow('accListZ', '610.trialBalance', 'trialBalance');
javascript:f0_callAccountsPopUpMyobWindow('accListF', '610.trialBalance', 'trialBalance');
javascript:f0_callAccountsPopUpMyobWindow('accListG', '610.trialBalance', 'trialBalance');
javascript:f0_callAccountsPopUpMyobWindow('accListH', '610.trialBalance', 'trialBalance');
javascript:f0_callAccountsPopUpMyobWindow('accListI', '610.trialBalance', 'trialBalance');
javascript:f0_callAccountsPopUpMyobWindow('accListJ', '610.trialBalance', 'trialBalance');
javascript:f0_callAccountsPopUpMyobWindow('accListK', '610.trialBalance', 'trialBalance');
javascript:f0_callAccountsPopUpMyobWindow('accListL', '610.trialBalance', 'trialBalance');
javascript:f0_callAccountsPopUpMyobWindow('accListM', '610.trialBalance', 'trialBalance');
javascript:f0_callAccountsPopUpMyobWindow('accListN', '610.trialBalance', 'trialBalance');
javascript:f0_callAccountsPopUpMyobWindow('accListO', '610.trialBalance', 'trialBalance');
javascript:f0_callAccountsPopUpMyobWindow('accListP', '610.trialBalance', 'trialBalance');
javascript:f0_callAccountsPopUpMyobWindow('accListQ', '610.trialBalance', 'trialBalance');
javascript:f0_callAccountsPopUpMyobWindow('accListR', '610.trialBalance', 'trialBalance');
javascript:f0_callAccountsPopUpMyobWindow('accListS', '610.trialBalance', 'trialBalance');
javascript:f0_callAccountsPopUpMyobWindow('accListT', '610.trialBalance', 'trialBalance');
javascript:f0_callAccountsPopUpMyobWindow('accListU', '610.trialBalance', 'trialBalance');
javascript:f0_callAccountsPopUpMyobWindow('accListV', '610.trialBalance', 'trialBalance');
javascript:f0_callAccountsPopUpMyobWindow('accListW', '610.trialBalance', 'trialBalance');
javascript:f0_callAccountsPopUpMyobWindow('accListX', '610.trialBalance', 'trialBalance');
javascript:f0_callAccountsPopUpMyobWindow('accListY', '610.trialBalance', 'trialBalance');
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6-1930 Salaries Expense
6-2100 Rent Expense
6-2200 Telephone Expense
6-2420 Electricity Expense
6-2500 Bank Charges
6-2600 Bad Debts Expense
8-1000 Interest Income
9-1000 Interest Expense
656190 656190
(select) 25796 0
(select) 1000 0
(select) 4836 0
(select) 5053 0
(select) 40 0
(select) 3846 0
(select) 0 717
(select) 830 0
Total:
Feedback
The Digital Village
Trial Balance
January 2018
Account
# Account
YTD Debit
($)
YTD Credit
($)
1-1110 Cheque Account 89,728
1-1180 Undeposited Funds 0
1-1190 Electronic Clearing Account 0
1-1200 Accounts Receivable 129,437
1-1210 Less Prov'n for Doubtful Debts 3,317
1-1300 Inventory 114,930
1-1400 Office Supplies 1,304
1-1500 Prepaid Rent 5,000
1-3110 Property & Equipment at Cost 40,000
1-3120 Property & Equipment AccumDep 11,667
2-1200 Accounts Payable 56,153
2-1310 GST Collected 21,243
2-1330 GST Paid 13,541
2-1410 Salaries Payable 0
2-1420 PAYG Withholding Payable 3,105
2-1700 Interest Payable 125
2-1800 Short Term Loans 15,000
2-2100 Bank Loans 47,000
3-1100 Share Capital 45,000
3-8000 Retained Earnings 151,622
javascript:f0_callAccountsPopUpMyobWindow('accListAA', '610.trialBalance', 'trialBalance');
javascript:f0_callAccountsPopUpMyobWindow('accListAB', '610.trialBalance', 'trialBalance');
javascript:f0_callAccountsPopUpMyobWindow('accListAC', '610.trialBalance', 'trialBalance');
javascript:f0_callAccountsPopUpMyobWindow('accListAD', '610.trialBalance', 'trialBalance');
javascript:f0_callAccountsPopUpMyobWindow('accListAE', '610.trialBalance', 'trialBalance');
javascript:f0_callAccountsPopUpMyobWindow('accListAF', '610.trialBalance', 'trialBalance');
javascript:f0_callAccountsPopUpMyobWindow('accListAG', '610.trialBalance', 'trialBalance');
javascript:f0_callAccountsPopUpMyobWindow('accListAH', '610.trialBalance', 'trialBalance');
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3-9999 Historical Balancing 0
4-1100 Sales Revenue 301,241
5-1100 Cost of Sales 206,202
6-1100 Depreciation Expense 11,667
6-1800 Office Supplies Expense 2,980
6-1930 Salaries Expense 25,796
6-2100 Rent Expense 1,000
6-2200 Telephone Expense 4,836
6-2420 Electricity Expense 5,053
6-2500 Bank Charges 40
6-2600 Bad Debts Expense 3,846
8-1000 Interest Income 717
9-1000 Interest Expense 830
Total: 656,190 656,190
Questions on adjusting entries in MYOB
(Q=612.F.M.A
After you have recorded the adjusting entries for January in MYOB, Juliet asks you to select the option that co
ec
completes the following statement.
Adjusting entries always affect:
one account only
at least two income statement accounts
at least two balance sheet accounts
one income statement account and one balance sheet account
(Q=612.F.M.A
Juliet then wants to know about the adjusting entry that you have previously entered into MYOB for uncollectible
accounts.
Under the allowance method, the adjusting entry to recognise estimated losses from uncollectible accounts involv
a debit to Bad Debts Expense and a credit to Less Prov'n for Doubtful Debts
a debit to Less Prov'n for Doubtful Debts and a credit to Accounts Receivable
a debit to Less Prov'n for Doubtful Debts and a credit to Bad Debts Expense
a debit to Bad Debts Expense and a credit to Accounts Receivable
(Q=612.F.M.A
Next, Juliet asks which of the following shows the co
ect series of actions to open an MYOB window that is used t
ecord an estimate of uncollectible accounts receivable:
Command centre icon to use Flowchart task option to use
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Sales Adjusting Entry
Accounts Record Journal Entry
Accounts Adjusting Entry
Sales Receive Payments
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Feedback: Bank reconciliation
This is a feedback page. Please review this page carefully. It includes the original questions along with grading
esponses and detailed feedback. After you have reviewed this feedback page, click Continue at the bottom of th
for the next page of your practice set.
It is now the first of Fe
uary 2018
You meet Juliet who reminds you to back up your work in MYOB
egularly. You promise her that you will back up the company file
immediately. Juliet then asks you to prepare a bank reconciliation of
the cheque account for January and provides you with the following
eports:
Bank Statement ~ January
The bank statement for January 2018 is shown below:
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Navigating your practice set
Accounting policies and procedures
Creating the company file
Setup information
Spend money (first transaction)
Transactions list (to 31 January)
Trial balance (at 31 January)


Sydney
anch
Juliet Hall
821 Black Drive
Sydney, NSW 2000

Account No.
87860420
Page No.
1
The Digital Village

Date Particulars Debit Credit Balance
1 JAN BALANCE BROUGHT FORWARD $67,493 CR
2 JAN 4100 $1,800 $65,693 CR
4 JAN DEPOSIT - Handys Electronics $12,250 $77,943 CR
5 JAN 4102 $2,200 $75,743 CR
5 JAN DEPOSIT - Tu
o Tech $10,871 $86,614 CR
5 JAN 4099 $6,400 $80,214 CR
8 JAN 4101 $7,900 $72,314 CR
9 JAN 4104 $10,582 $61,732 CR
9 JAN 4103 $1,650 $60,082 CR
11 JAN DEPOSITS $35,878 $95,960 CR
18 JAN 4106 $6,600 $89,360 CR
26 JAN DEPOSIT - Cash sales $15,576 $104,936 CR
30 JAN 4107 $4,323 $100,613 CR
31 JAN TRANSACTIONS FEE $8 $100,605 CR
31 JAN INTEREST $717 $101,322 CR
Last statement to
31/12/2017
This statement to
31/01/2018
Total debits
$41,463
Total credits
$75,292
Final balance
$101,322 CR
Proceeds of cheques will not be available until cleared.

All entries for the last business day are subject to verification and authorisation.
Any items not paid, or withdrawn, will be adjusted by reversal entry on a later statement.
Bank Reconciliation Statement ~ Decembe
Below is last month's bank reconciliation statement that was manually prepared by Juliet before the business conv
a computerised accounting system using MYOB. As such, any reconciling items appearing on last month's bank
econciliation statement have not been entered as separate transactions into your MYOB software. You are therefo
equired to manually check those reconciling items against the bank statement as part of the bank reconciliation
The Digital Village
Bank Reconciliation Statement
As at 31 December 2017
Balance as per bank statement: 67,493 CR
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1.
2.


3.
4.
5.
Add:
deposit in transit from Tu
o Tech 10,871
deposit in transit from Handys Electronics 12,250 23,121
90,614 CR

Less:
outstanding cheque No. 4099 6,400
outstanding cheque No. 4100 1,800 8,200
Adjusted bank balance 82,414 CR

Balance as per ledger account 82,414 DR

Once you have prepared the January bank reconciliation for the cheque account, Juliet tells you that she will ask yo
answer several questions about account reconciliation in MYOB.
Instructions
Remember to back up your company file for The Digital Village.
Use MYOB to prepare a bank reconciliation as of 31 January
2018 for The Digital Village in MYOB. To do this you will need to
prepare two special entries for the transactions fee and interest
earned amounts as follows:
transactions fee entry: you are required to use the FRE
tax code and input the ID# for this entry that is
automatically generated by MYOB of the form SCDDMMYY
("SC" stands for service charge and DDMMYY is a date).
interest earned entry: you are required to use the ITS
tax code and input the ID# for this entry that is
automatically generated by MYOB of the form IEDDMMYY
("IE" stands for interest earned).
Use MYOB to print the reconciliation report for the ledge
account called Cheque Account as of 31 January 2018 and
transcribe your answers into the reconciliation report provided
elow.
Note that if MYOB presents numbers in
ackets, you must
enter those numbers as negative numbers below.
Answer all of the questions about MYOB that Juliet asks below.
Reconciliation Report ~ January
The Reconciliation Report of the cheque account is provided below:
The Digital Village

Reconciliation Report

ID# Date Memo/Payee Deposit Withdrawal
Cheque Account: 1-1110 - Cheque Account
Date of Bank Statement: 31 January 2018

Reconciled Cheques
4101 2/01/2018 Reconciled Cheques $ 0 $ 7900
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4102 2/01/2018 Reconciled Cheques $ 0 $ 2200
4103 3/01/2018 Reconciled Cheques $ 0 $ 1650
4104 4/01/2018 Reconciled Cheques $ 0 $ 10582
4106 15/01/2018 Reconciled Cheques $ 0 $ 6600
4107 28/01/2018 Reconciled Cheques $ 0 $ 4323
SC310118 31/01/2018 Reconciled Cheques $ 0 $ 8
$ $
Total: $ 0 $ 33263
Reconciled Deposits
CR000004 7/01/2018 Reconciled Deposits $ 35878 $ 0
CR000006 21/01/2018 Reconciled Deposits $ 15576 $ 0
IE310118 31/01/2018 Reconciled Deposits $ 717 $ 0
$ $
Total: $ 52171 $ 0
Outstanding Cheques
4105 15/01/2018 Outstanding Cheques $ 0 $ 13244
4108 31/01/2018 Outstanding Cheques $ 0 $ 2890
4109 31/01/2018 Outstanding Cheques $ 0 $ 3145
4110 31/01/2018 Outstanding Cheques $ 0 $ 1320
4111 31/01/2018 Outstanding Cheques $ 0 $ 1760
4112 31/01/2018 Outstanding Cheques $ 0 $ 235
Total: $ 0 $ 22594
Outstanding Deposits
CR000008 31/01/2018 Outstanding Deposits $ 11000 $ 0
$ $
Total: $ 11000 $ 0
Reconciliation
Balance on 31/01/2018: $ 89728
Add: Outstanding Cheques : $ 22594
Subtotal: $ 112322
Deduct: Outstanding Deposits : $ 11000
Expected Balance on Statement: $ 101322
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Feedback
The Digital Village

Reconciliation Report
31 January 2018
ID# Date Memo/Payee Deposit Withdrawal
Cheque Account: 1-1110 - Cheque Account
Date of Bank Statement: 31 January 2018

Reconciled Cheques
4101 2/01/2018 JCN for Purchase #338 $7,900
4102 2/01/2018 Purchase of Equipment $2,200
4103 3/01/2018 Purchase of Office Supplies $1,650
4104 4/01/2018 BIG for Purchase #335 $10,582
4106 15/01/2018 Prepaid Rent $6,600
4107 28/01/2018 BIG $4,323
SC310118 31/01/2018 Transactions fee $8
Total: $0 $33,263
Reconciled Deposits
CR000004 7/01/2018 Bank Deposit $35,878
CR000006 21/01/2018 Bank Deposit $15,576
IE310118 31/01/2018 Interest Earned $717
Total: $52,171 $0
Outstanding Cheques
4105 15/01/2018 BIG for Purchase #340 $13,244
4108 31/01/2018 Paycheque $2,890
4109 31/01/2018 Paycheque $3,145
4110 31/01/2018 Electricity Bill $1,320
4111 31/01/2018 Phone Bill $1,760
4112 31/01/2018 Interest on Bank Loan $235
Total: $0 $22,594
Outstanding Deposits
CR000008 31/01/2018 Bank Deposit $11,000
Total: $11,000 $0
Reconciliation
Balance on 31/01/2018: $89,728
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1.
2.
3.
Add: Outstanding Cheques: $22,594
Subtotal: $112,322
Deduct: Outstanding Deposits: $11,000
Expected Balance on Statement: $101,322
Note that the Memo/Payee column is not graded.
Questions on MYOB
(Q=504.F.M.B
After you have completed the reconciliation report, Juliet asks you to explain the meaning of one of the terms tha
appear on the reconciliation report.
From your company's perspective, which of the following shows the co
ect description of the term outstanding de
deposits recorded in your company's accounts but not yet cleared by the bank
deposits that are deemed to be uncollectible
cheques that are not yet received from customers
deposits cleared by the bank but not yet recorded in the company's accounts
(Q=504.F.M.B
Juliet then asks you to open the Reconcile Accounts window by following the steps below:
Go to the Banking Command Centre and click Reconcile Accounts.
In the Account field, select '1-1110' (Cheque Account).
In the Bank Statement Date field, enter '31/01/2018'.
Select the co
ect statement about the Reconcile Accounts window that appears after the above steps are perform
It mentions the amounts of deposits received from customers in the Withdrawals column.
It lists the amounts of cheques issued to the suppliers in the Deposits column.
It displays the Out of Balance amount as the sum of the amount in the New Statement Balance field and the
amount in the Calculated Statement Balance field.
You can view a particular transaction in detail by clicking the zoom a
ow icon next to that transaction.
Note: After answering this question, click the Cancel button to close the Reconcile Accounts window without savin
(Q=504.F.M.B
Juliet also asks you to identify the field that is not available in the Reconcile Accounts window:
To open the Reconcile Accounts window, go to the Banking Command Centre and click Reconcile Accounts.
Which of the following shows the field that is not in the Reconcile Accounts window:
New Statement Balance
Bank Statement Date
Interest Income
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Account
Note: After answering this question, click the Cancel button to close the Reconcile Accounts window without savin
Specific agreement
I understand that I should regularly back up the company file for The Digital Village and am required to comp
ank reconciliation statement and answer all of the questions on this page of the practice set. I am fully awa
I choose not to follow the above instructions, I will not be able to successfully complete the rest of my practic
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Academic integrity
General instructions
MYOB AccountRight Practice Set
Australian Edition 3, Updated for MYOB v19
Feedback: Create accounts and opening balances
This is a feedback page. Please review this page carefully. It includes the original questions along with grading
esponses and detailed feedback. After you have reviewed this feedback page, click Continue at the bottom of th
for the next page of your practice set.
Setup guide
After creating the company file for The Digital Village, Juliet asks you
complete the setup of the new company file in MYOB. She explains
that the setup work needs to be completed in two main stages. In the
first stage, she provides you with the company's accounts list (chart
of accounts) and the opening trial balance so that you can set up the
company's general ledger in MYOB.
During the time that you are working on the first setup stage, Juliet
tells you that she will ask you to answer several questions about
MYOB to verify that you know how to set up the general ledger in
MYOB.
Juliet informs you that upon completion of the first stage, you will be
asked to set up more company records in MYOB.
Instructions
Please take care to set up your own MYOB accounts list using
the exact information provided on this page. Every student has
different setup information and will receive different sets of
transactions to record. All questions on this page and
subsequent pages of your practice set are tailored to you
unique MYOB company file. Your answers will be graded as
inco
ect if you use the company file of any other student to
complete the given questions.
One of the key set up steps below is to adjust the default
Accounts List provided by MYOB so that it co
ectly reflects the
specific chart of accounts required by Juliet. To prepare for this
task, refer to the Accounts List [Detail] report that you
previously generated from MYOB or print a new one if needed.
Then compare that report to the chart of accounts provided by
Juliet (below) to identify:
the default accounts that need to have their name modified
the default accounts that need to be deleted
the new accounts that need to be created.
Note that the extra steps to delete some of the linked accounts
are available in the 'Setting up accounts list' section of the
quick reference guide .
Business information
You will need all of the information shown below to set up the
accounts list for The Digital Village in MYOB.
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Navigating your practice set
Accounting policies and procedures
Creating the company file
a. Set global preferences
Set the preference of your MYOB company file so that you are able to
modify transactions in MYOB:
From the Setup menu, select Preferences
In the Security tab of the Preferences window, ensure that there
is no tick placed in the Transactions CAN'T be changed box.
. Tax code list
You are asked to set up the tax code list for The Digital Village as shown below. To set up the company's tax codes
the Lists menu and select Tax Codes. This opens the Tax Code List where details of the tax codes used in the comp
are recorded. Note that all other tax codes that are not in the list below must be deleted so that you are able to m
company's accounts list.
Code Description Tax Type Rate Tax Collected Tax Paid
CAP Capital Acquisitions Goods & Services Tax 10% 2-1310
(GST Collected)
2-1330
(GST Paid)
FRE GST Free Goods & Services Tax 0% 2-1310
(GST Collected)
2-1330
(GST Paid)
GST Goods & Services Tax Goods & Services Tax 10% 2-1310
(GST Collected)
2-1330
(GST Paid)
ITS Input Taxed Sales Goods & Services Tax 0% 2-1310
(GST Collected)
2-1330
(GST Paid)
N-T Not Reportable Goods & Services Tax 0% 2-1310
(GST Collected)
2-1330
(GST Paid)
c. Accounts list (chart of accounts) information
The accounts list that you are asked to set up for The Digital Village is presented below. For many of the account
descriptions, Juliet has chosen to use the default descriptions and a
eviations provided by MYOB. To modify the
accounts list that was created during the 'creating a new company file' process, from the options provided on the l
of the Accounts Easy Setup Assistant, click Accounts List. This opens the 'Set up the Accounts List to meet your bu
needs' window. Next, use that window to modify account names, add new accounts, delete the unwanted default a
and assign appropriate tax codes to detail accounts.
Check out the instructions above for a suggestion on how best to do this and take care to assign the co
ect tax co
each account. It will make the recording of transactions easier and more accurate. Note that the extra steps to del
of the linked accounts are available in the 'Setting up accounts list' section of the quick reference guide .
The Digital Village
Chart of Accounts
As of 31 December 2017
Account # Account Type D
Cr Heade

Detail
Level Tax Code
1-0000 Assets Asset Debit Header 1
1-1000 Cu
ent Assets Asset Debit Header 2
1-1100 Cash On Hand Asset Debit Header 3
1-1110 Cheque Account Bank Debit Detail 4 N-T
1-1180 Undeposited Funds Bank Debit Detail 4 N-T
1-1190 Electronic Clearing Account Bank Debit Detail 4 N-T
1-1200 Accounts Receivable Accounts Receivable Debit Detail 3 N-T
1-1210 Less Prov'n for Doubtful Debts Other Asset Debit Detail 3 N-T
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1-1300 Inventory Other Asset Debit Detail 3 N-T
1-1400 Office Supplies Other Asset Debit Detail 3 GST
1-1500 Prepaid Rent Other Asset Debit Detail 3 GST
1-3000 Non-cu
ent Assets Asset Debit Header 2
1-3100 Property & Equipment Asset Debit Header 3
1-3110 Property & Equipment at Cost Other Asset Debit Detail 4 CAP
1-3120 Property & Equipment Accum Dep Other Asset Debit Detail 4 N-T
2-0000 Liabilities Liability Credit Header 1
2-1000 Cu
ent Liabilities Liability Credit Header 2
2-1200 Accounts Payable Accounts Payable Credit Detail 3 N-T
2-1300 GST Liabilities Liability Credit Header 3
2-1310 GST Collected Other Liability Credit Detail 4 N-T
2-1330 GST Paid Other Liability Credit Detail 4 N-T
2-1400 Payroll Liabilities Liability Credit Header 3
2-1410 Salaries Payable Other Liability Credit Detail 4 N-T
2-1420 PAYG Withholding Payable Other Liability Credit Detail 4 N-T
2-1700 Interest Payable Other Liability Credit Detail 3 N-T
2-1800 Short Term Loans Other Liability Credit Detail 3 N-T
2-2000 Long-Term Liabilities Liability Credit Header 2
2-2100 Bank Loans Other Liability Credit Detail 3 N-T
3-0000 Equity Equity Credit Header 1
3-1100 Share Capital Equity Credit Detail 2 N-T
3-8000 Retained Earnings Equity Credit Detail 2 N-T
3-9000 Cu
ent Year Earnings Equity Credit Detail 2 N-T
3-9999 Historical Balancing Equity Credit Detail 2 N-T
4-0000 Income Income Credit Header 1
4-1100 Sales Revenue Income Credit Detail 2 GST
5-0000 Cost of Sales Cost of Sales Debit Header 1
5-1100 Cost of Sales Cost of Sales Debit Detail 2 N-T
6-0000 Expenses Expense Debit Header 1
6-1100 Depreciation Expense Expense Debit Detail 2 N-T
6-1800 Office Supplies Expense Expense Debit Detail 2 N-T
6-1930 Salaries Expense Expense Debit Detail 2 N-T
6-2100 Rent Expense Expense Debit Detail 2 N-T
6-2200 Telephone Expense Expense Debit Detail 2 GST
6-2420 Electricity Expense Expense Debit Detail 2 GST
6-2500 Bank Charges Expense Debit Detail 2 FRE
6-2600 Bad Debts Expense Expense Debit Detail 2 N-T
8-0000 Other Income Other Income Credit Header 1
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8-1000 Interest Income Other Income Credit Detail 2 ITS
9-0000 Other Expenses Other Expenses Debit Header 1
9-1000 Interest Expense Other Expense Debit Detail 2 FRE
d. Trial balance ~ Decembe
Use the Accounts Easy Setup Assistant to enter the opening balances of detail accounts as at 1 January 2018. The
following trial balance provides the closing balances of all detail accounts as at 31 December 2017 which become t
opening balances of those accounts as of 1 January 2018.
In the Accounts Easy Setup Assistant, before clicking the Next button in the 'Enter your opening balances' window,
Juliet's questions below on entering account opening balances.
The Digital Village
Trial Balance
As of 31 December 2017
Account # Account YTD Debit ($) YTD Credit ($)
1-1110 Cheque Account 82,414
1-1180 Undeposited Funds 0
1-1190 Electronic Clearing Account 0
1-1200 Accounts Receivable 40,920
1-1210 Less Prov'n for Doubtful Debts 818
1-1300 Inventory 147,360
1-1400 Office Supplies 464
1-1500 Prepaid Rent 0
1-3110 Property & Equipment at Cost 38,000
1-3120 Property & Equipment Accum Dep 11,375
2-1200 Accounts Payable 37,829
2-1310 GST Collected 8,882
2-1330 GST Paid 7,368
2-1410 Salaries Payable 0
2-1420 PAYG Withholding Payable 2,040
2-1700 Interest Payable 0
2-1800 Short Term Loans 0
2-2100 Bank Loans 47,000
3-1100 Share Capital 45,000
3-8000 Retained Earnings 151,622
3-9000 Cu
ent Year Earnings 0
3-9999 Historical Balancing 0
4-1100 Sales Revenue 177,631
5-1100 Cost of Sales 124,342
6-1100 Depreciation Expense 11,375
6-1800 Office Supplies Expense 2,320
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6-1930 Salaries Expense 18,696
6-2100 Rent Expense 0
6-2200 Telephone Expense 3,236
6-2420 Electricity Expense 3,853
6-2500 Bank Charges 32
6-2600 Bad Debts Expense 1,347
8-1000 Interest Income 0
9-1000 Interest Expense 470
Question on modifying the default accounts list
(Q=112.Q.M.C
When modifying the default accounts list so that it exactly matches the accounts list for The Digital Village above,
accounts need to be created, deleted, or kept. Before you begin modifying the default accounts list, for each of th
accounts with the account numbers listed below, Juliet asks you to select whether you need to:
create that account because it appears in the accounts list for The Digital Village but it is not listed in the defa
accounts list
delete that account because it appears in the default accounts list but it does not appear in the accounts list f
Digital Village o
keep that account because it appears in both accounts lists.
Account # To be created To be deleted To be kept
1-1120
1-1210
2-1800
3-1200
4-1400
6-1100
6-2500
8-1000
Question on setting up the accounts list
(Q=112.F.M.C
After you have finished setting up the accounts list for The Digital Village, Juliet asks you to perform the following
in MYOB and then identify the task that can not be performed in the window that appears after those steps have
completed.
From the main menu bar, click Setup and select Easy Setup Assistant.
In the Easy Setup Assistant window that appears, click the Accounts icon.
In the Accounts Easy Setup Assistant that appears after the above steps are performed, MYOB does not allow use
use that setup assistant to:
change existing accounts
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delete existing accounts
export your own account list from your MYOB software
create new accounts
Question on entering account opening balances
(Q=112.F.M.C
In the Accounts Easy Setup Assistant, before you click the Next button in the 'Enter your opening balances' windo
Juliet asks you to specify the names of the accounts for which their balances are listed as negative numbers.
The names of the accounts for which their balances are listed as negative numbers are:
GST Collected, Historical Balancing, and Sales Revenue
PAYG Withholding Payable, GST Collected, and Share Capital
Less Prov'n for Doubtful Debts, GST Paid, and Property & Equipment Accum Dep
Payroll Liabilities, Retained Earnings, and Cost of Sales
Question on entering account opening balances
(Q=112.Q.M.
When you are using the Accounts Easy Setup Assistant to enter account opening balances into MYOB, Juliet also as
about some of the amounts that you entered into the 'Enter your opening balances' window.
For each of the accounts listed below, complete the Opening Balance column using the amounts that you entered i
'Enter your opening balances' window within the Accounts Easy Setup Assistant. Note that if you entered the the o
alances as negative numbers into MYOB, here you must also enter your answers as negative numbers.
Account Name Opening Balance ($)
Accounts Receivable 40920
Less Prov'n for Doubtful Debts -818
Property & Equipment at Cost 38000
Property & Equipment Accum Dep -11375
GST Collected 8882
GST Paid -7368
Feedback
Account Name Opening Balance ($)
Accounts Receivable 40,920
Less Prov'n for Doubtful Debts -818
Property & Equipment at Cost 38,000
Property & Equipment Accum Dep -11,375
GST Collected 8,882
GST Paid -7,368
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