Reference no: EM133188329
Question - You are required to get a free trial of MYOB, the link is under week 9 and setup business details, and most relevant chart of accounts enter the transactions due the adjusting entries for the End of the period.
The Problem - XYZ is an accounting firm owned by Douglas Hart (DH Accounting Services) who started business on 1 December and had made the following
Transactions:
On 1 December, DH opened new business and invested/deposited $20,000 in the business bank account.
On 4 December, DH purchased supplies for $950, paid 350 cash and the rest on credit.
On 9 December, DH purchase equipment for $4,000 paid $1,000 cash and the remaining on account.
On 11 December, DH signed a contract hiring a secretary for $900 fortnightly pay starting from the first Monday of January
On 17 December, DH provided services to clients for $6,000 received $2,500 cash and invoiced the remaining to clients.
On 29 December, DH paid the following expenses: rent of $800 and insurance of $200.
On 30 December, DH billed clients of $2,500 for services provided during the month of December.
On 30 December, DH drawn $500 from business account for personal use.
On 31 December, DH received a bill of $750 for utilities incurred during the month of December.
The following information is also available for Adjusting Entries:
1. A physical count of office supplies reveals that supplies totalling $420 are on hand at 30 Dec.
2. The balance in the Unearned Consulting Fees account includes $1200 earned for services rendered in the last week of December
3. A 12-month insurance policy was purchased on 1 December for $780.
4. The December telecommunications costs for $320 are unrecorded. No tax invoice has been received. There is $32 to book to GST.
5. Salaries of $980 were owing to employees at 31 December.
1. Setup a chart of accounts for service business Print the business details & chart of accounts from MYOB into a pdf.
2. Prepare the Trial Balance (Unadjusted) generate with generate with MYOB into a pdf.
3. Prepare Adjusted trial balance generate with MYOB into a pdf.
4. Prepare Income Statement for the period generate with MYOB into a pdf.
5. Prepare Balance Sheet for the period generate with MYOB into a pdf.
6. Prepare Cash flow for the period generate with MYOB into a pdf.
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