(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.) Print -JournalRegisterPay from Account: 1-1110 ANZ BankBalance: O$1,530,577.55Group with Electronic Payments:Tax IndusiveCard:Cheque No.: 58Date: 20/07/2018Payee:Amount:$83,130.00Eighty Three Thousand One Hundred and Thirty Dollars and 0 CentsMemo: Paid Australian Tax OfficeComputer World Australia Pty LtdAcct No.NameAmountJobMemoТах2-1310GST Collected$87,450.00N-T2-1320GST Paid-$20,000.00N-T2-1420PAYG Withholding Pay$15,680.00N-TTotal Allocated:$3,130.00Tax:$0.00Cheque Already PrintedTotal Paid:$83, 130.00Remittance Advice Delivery Status:Out of Balance:$0.00To be PrintedSave as RecurringUse Recurring

The entity sells the product to the customer after charging the tax amount and the tax amount…

Pay from Account: 1-1110 ANZ Bank Balance: $1,530,577.55 Group with Electronic Payments: Tax Indusive Card: Cheque No.: 58 Date: 20/07/20 18 $83, 130.00 Payee: Amount: Eighty Three Thousand One Hundred and Thirty Dollars and 0 Cents Computer World Australia Pty Ltd Memo: Paid Australian Tax Office Tax Acct No. Name Amount Job Memo 2-1310 GST Collected $87,450.00 N-T 2-1320 GST Paid -$20,000.00 N-T 2-1420 PAYG Withholding Pay $15,680.00 N-T

Pay from Account: 1-1110 ANZ Bank Balance: $1,530,577.55 Group with Electronic Payments: Tax Indusive Card: Cheque No.: 58 Date: 20/07/20 18 $83, 130.00 Payee: Amount: Eighty Three Thousand One Hundred and Thirty Dollars and 0 Cents Computer World Australia Pty Ltd Memo: Paid Australian Tax Office Tax Acct No. Name Amount Job Memo 2-1310 GST Collected $87,450.00 N-T 2-1320 GST Paid -$20,000.00 N-T 2-1420 PAYG Withholding Pay $15,680.00 N-T

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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