Obtained a loan of $16,000 from Uncle Neville (a family relative of
2 Oliver Lederman) at a simple interest rate of 8% per year, Cheque No. 111, ID
#CR000001. The principal and interest on the loan are payable in six months time.
Purchased 9 units NR759 video recorders from Pony at $770 each (includes 10%
3 GST), Purchase #353, Supplier Inv#176. Issued Cheque No. 4090 for $4,100 to
this supplier for this particular invoice at the time of the purchase.
4 Received Cheque No. 213 from Hypertronics for the full amount outstanding on their account, ID #CR000002.
4 Issued Cheque No. 4091 for $1,430 (includes 10% GST) to Discount Office Supplies for the cash purchase of office supplies.
5 Issued Cheque No. 4092 for $7,194 to JCN Electrical in payment of Purchase #350 (Supplier Inv#262).
Sold the following items on credit to Handys Electronics, Invoice #3127:
2 units BG90 plasma televisions for $1,760 each (includes 10% GST)
4 units Tony ZIO MLP projectors for $1,320 each (includes 10% GST).
$2,200 was received immediately, Cheque No. 620, with the rest due to be received during the last week of the month. Note that MYOB automatically assigns ID #CR000003 to this cash receipt.
After you have finished recording the above transactions in MYOB, Oliver asks you to use the MYOB Bank Register to find out about the current balance of the Undeposited Funds account. He also tells you that he has additional questions for you to answer about your use of MYOB.
Use MYOB to record the above transactions for Tech Head.
Answer all of the questions about MYOB that Oliver asks below.
Questions on MYOB
After you have recorded the given transactions in MYOB, Oliver asks you to perform the following steps to open the Bank Register window for Undeposited Funds. Then in the input box below, enter the balance that is shown at the top right corner of the Bank Register window.
From the main command centre window, click the Banking icon to open the Banking Command Centre.
In the flowchart section for that command centre, click Bank Register.
In the Bank Register window that appears, in the Account field at the top left of this window, select Undeposited Funds.
Complete the field below using the running balance that is shown at the top right of the Bank Register window that appears after the above steps are performed.
what is the balance of 1-1180 (Undeposited Funds)?
It’s that simple.Pay only when you are satisfied.
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