Your first concern is to inject the initial capital into Dependable Deliveries that will create a pool of money your business can use to pay for its initial outlays. To do this you transfer some of your own personal money as well as applying for a micro business loan from Bank Sinatra. These two actions create your first two accounting transactions that you must enter into MYOB: On 1 May, you used internet banking to transfer $1,500 from your personal account into the bank account at Bank Sinatra that you just opened for your business. The funds were received instantly. On 1 May, you also successfully applied for a 5 year $500 micro business interest-only loan with Bank Sinatra. The funds were received on the same day. A 24%pa simple interest rate payable quarterly applies. Interest will be accrued at the end of each month as set out in your accounting policies. Celia wants to give you additional assistance with these two transactions because they are your first entries in MYOB. She advises you to use the receive money function of MYOB to enter each of the above two transactions. The receive money function can be found in MYOB by

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To enter the two transactions into MYOB using the receive money function follow these steps 1 Transf... View the full answer