Accrued Income and Expenses Bookkeeping Question

Hi, I was wanting to know how to record accrued income and expenses in myob.

With my course that I have just completed on manual balance day adjustments it states that the gst on accrued income and expenses are recognised, but I know you should never post to a control account like gst paid and collected in myob as it will throw out your balances for the actual gst paid and collected for BAS.

So, how should the adjustment for accrued income of $550 including gst be? I know you credit the income account and debit the asset accrued income account, but how do I account for the gst?

Should I be creating a liability account called accrued gst paid so it is separate from the gst paid control account?

Accounting

by Elmuiez
(Malaysia)

SECTION B

ANSWER THE QUESTION IN THIS SECTION

(THIS SECTION CARRIES 15 MARKS)

QUESTION:

The following are the transactions of Wong Ah Meng for the month of March 2010.
Mar 1 Wong Ah Meng started business with RM100,000 in Bank.
3 Bought office fixtures by cheque RM8,000.
4 Bought goods by cheque RM35,000.
5 Withdrew RM8,000 from bank for use in shop.
6 Bought goods on credit : Priya & Sons RM2000; May RM3400.
7 Paid wages by cash RM100.
9 Cash sales RM9,520.
10 Bought goods on credit from: Alfanso RM5,000; C.Rose RM1,600.
13 Goods sold on credit to: Ali RM4,000; John RM3,000.
15 Bought office stationery for cash RM290.
19 Paid cheque to May RM1,000.
20 Wong Ah Meng takes RM500 drawings in cash.
22 Bought goods on credit from Philips RM20,000.
23 Wong Ah Meng returned goods to Philips RM400.
22 Bought office stationery RM220 by cash.
24 Received cheque from Ali RM2500; John RM1200
26 Cash sales RM18,000.
29 Paid sundry expenses by cash RM50.
31 Paid salary by cheque RM2000.
REQUIRED:
a) Prepare Journal Entries for all the above transactions.
b) Post the transactions into the relevant ledgers.
c) Balance off all the accounts for the month of March 2010.
d) Extract a trial balance as at 31 March 2010.

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I am a tad bit rusty to borrowing base certificates. The prior co. I worked for the accountant did all the journal entries at the end of the year & never had used borrowing base certs. I am now with a company that does all the above & I am rusty.

How do I track or show the line of advances, or transfers to & from loan for line of credit. Is this done as a journal entry or entered elsewhere to show on balance sheets, profit & loss sheets, trial balance reports and so forth.

The program they use is American Contractor, are you familiar at all with this program? We have accounts payable, cash payments, purchase orders and general journal entries we keep track of all transactions in.

I hope that you are able to help me figure this out quicker than having to old school refresh my brain. If I even can. It's been many years.
I'm sure easy question perhaps, with maybe easy answer, but I am confusing myself more by thinking about it way too much I think.

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