(a) Describe the detail of the transaction being performed in the following screen. (b) Give the journal entry that MYOB made as a result of the transaction in part (a) (Note: account numbers are not required, just use account names.) Pay from Account: 1-1110 ANZ BankBalance:$1,312,672.80Tax InclusiveCard:Cheque No.: 57Date: 17/07/2018Payee:Amount:$1,950.00One Thousand Nine Hundred and Fifty Dollars and 0 CentsMemo: Petty cash reimursementComputer World Australia Pty LtdAcct No.NameAmountJobMemoТах1-1130Petty Cash$1,950.00N-TTotal Allocated:$1,950.00Тах:OCcheque Already Printed$0.00Total Paid:$1,950.00Remittance Advice Delivery Status:$0.00To be PrintedOut of Balance:C Save as Recurring e Use Recurring

The journal entries are prepared to keep the record of day to day transactions of the business.

(a) Describe the detail of the transaction being performed in the following screen. (b) Give the journal entry that MYOB made as a result of the transaction in part (a) (Note: account numbers are not required, just use account names.)

(a) Describe the detail of the transaction being performed in the following screen. (b) Give the journal entry that MYOB made as a result of the transaction in part (a) (Note: account numbers are not required, just use account names.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.

Question

(a) Describe the detail of the transaction being performed in the following screen.

(b) Give the journal entry that MYOB made as a result of the transaction in part (a) (Note: account numbers are not required, just use account names.)

Pay from Account: 1-1110 ANZ Bank
Balance:
$1,312,672.80
Tax Inclusive
Card:
Cheque No.: 57
Date: 17/07/2018
Payee:
Amount:
$1,950.00
One Thousand Nine Hundred and Fifty Dollars and 0 Cents
Memo: Petty cash reimursement
Computer World Australia Pty Ltd
Acct No.
Name
Amount
Job
Memo
Тах
1-1130
Petty Cash
$1,950.00
N-T
Total Allocated:
$1,950.00
Тах:
OCcheque Already Printed
$0.00
Total Paid:
$1,950.00
Remittance Advice Delivery Status:
$0.00
To be Printed
Out of Balance:
C Save as Recurring e Use Recurring

Definition Definition Method of recording financial transactions in the book of original entry by debiting and crediting the accounts affected by a transaction using the golden rules of accrual accounting.

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