(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.) JournalDisplay in GST (BAS) reports as: O Sale (Supply)O Tax IncusiveO Purchase (Acquisition)OYear-End AdjustmentGeneral Journal No.: GJ000003Date: 31/07/2018Memo: DepreciationAcct No.NameDebitCreditJobMemoTax6-1710Depn-Warehouse Equip$192.00N-T1-3120Warehouse Equip - Accum Depn$192.00N-T6-1720Depn Truck$2,500.00N-T1-3220Truck - Accum Depn$2,500.00N-T6-1730Depn - Fum and Fox$267.00N-T1-3320F&F-accum depn$267.00N-T6-1740Depn - Warehouse$333.00N-T1-3420Warehouse-accum depn$333.00N-TTotal Debit:$3,292.00Total Credit:$3,292.00Тах$0.00Out of Balance:$0.00C Save as Recurring Use RecurringRecordCancel

The description of detail of the transaction being performed in the screen is presented hereunder :…

(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.)

Journal
Display in GST (BAS) reports as: O Sale (Supply)
O Tax Incusive
O Purchase (Acquisition)
OYear-End Adjustment
General Journal No.: GJ000003
Date: 31/07/2018
Memo: Depreciation
Acct No.
Name
Debit
Credit
Job
Memo
Tax
6-1710
Depn-Warehouse Equip
$192.00
N-T
1-3120
Warehouse Equip - Accum Depn
$192.00
N-T
6-1720
Depn Truck
$2,500.00
N-T
1-3220
Truck - Accum Depn
$2,500.00
N-T
6-1730
Depn - Fum and Fox
$267.00
N-T
1-3320
F&F-accum depn
$267.00
N-T
6-1740
Depn - Warehouse
$333.00
N-T
1-3420
Warehouse-accum depn
$333.00
N-T
Total Debit:
$3,292.00
Total Credit:
$3,292.00
Тах
$0.00
Out of Balance:
$0.00
C Save as Recurring Use Recurring
Record
Cancel

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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