accounting assignment General, Payables and Receivables ledgers all transaction included in the atta

  

accounting assignment General, Payables and Receivables ledgers all transaction included in the attachment
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SAGE 50 ACCOUNTING TEST ONE VERSION A
Name: ______________________________
Class: ________________________
Date: _______________________________
The information provided in this test allows you to set up the General, Payables and Receivables ledgers for an
Ontario company named CHRIS’S WELDING owned and run by Chris George, a master welder. He performs
all kinds of welding jobs for individuals as well as companies.
CHRIS’S WELDING
33 Maple St.
Windsor, Ontario
N9S 4B6
Phone:
(519) 653-8383
Fiscal start:
07-01-2022
Earliest transaction date: 07-01-2022
Fiscal end:
12-31-2022
Company Name:
Address:
Fax: (519) 653-7700
Test Checklist
Complete all Transactions
Print the Chart of Accounts.
Print the Trial Balance.
Print the Supplier Aged Detail Report for all suppliers. Include terms.
Print the Customer Aged Detail Report for all customers. Include terms.
Print Journal Entries for all journals from July 1 to July 15, 2022 – Show corrections.
Print Comparative Balance Sheet (with percent difference) at July 1, 2022 and July 15, 2022
Print Income Statement from July 1 to July 15, 2022
Bonus – Preview and then print invoice #125 (Look up the invoice first.)
Copyright © 2019 Pearson Canada Inc.
Page 1 of 8
CHRIS’S WELDING
Chart of Accounts
1000 CURRENT ASSETS (H)
1050 Test Balance
1080 Bank: Chequing Account
1100 Bank: Credit Card
1200 Accounts Receivable
1290 Welding Supplies
1390 TOTAL CURRENT ASSETS (T)
1400 CAPITAL ASSETS (H)
1420 Torches
1450 Computers
1480 Other Welding Equipment
1500 Vehicle
1550 Shop
1590 TOTAL CAPITAL ASSETS (T)
2000 CURRENT LIABILITIES (H)
2100 Bank Loan
2200 Accounts Payable
2250 Credit Card Payable
2650 HST Charged on Services (A)
2670 HST Paid on Purchases (A)
2750 HST Owing (Refund) (S)
2790 TOTAL CURRENT LIABILITIES (T)
Copyright © 2019 Pearson Canada Inc.
2800 LONG TERM LIABILITIES (H)
2850 Mortgage Payable
2890 TOTAL LONG TERM LIABILITIES (T)
3000 EQUITY (H)
3560 Chris George, Capital
3600 Net Income (X)
3690 TOTAL EQUITY (T)
4000 REVENUE (H)
4020 Revenue from Services
4100 Sales Allowances
4200 Sales Discounts
4390 TOTAL REVENUE (T)
5000 EXPENSES (H)
5020 Advertising
5030 Bank and Credit Card Fees
5040 Cleaning and Maintenance
5060 Hydro Expense
5220 Insurance Expense
5240 Interest Expense
5260 Telephone Expense
5270 Payroll Service Fees
5280 Welding Supplies Used
5590 TOTAL EXPENSES (T)
Page 2 of 8
CHRIS’S WELDING
Post-Closing Trial Balance
July 1, 2022
1080 Bank: Chequing Account
1100 Bank: Credit Card
1200 Accounts Receivable
1260 Welding Supplies
1420 Welding Torches
1450 Computer
1480 Other Welding Equipment
1500 Vehicle
1550 Shop
2100 Bank Loan
2200 Accounts Payable
2250 Credit Card Payable
2650 HST Charged on Services
2670 HST Paid on Purchases
2850 Mortgage Payable
3560 Chris George, Capital
$12 150
200
5 000
900
3 800
1 500
4 200
9 000
150 000
$ 6 000
1 600
1 100
950
750
________
$187 500
99 000
78 850
$187 500
Print the Trial Balance.
Sales Taxes and Tax Codes (do not enter accounts to track PST)
Tax – HST:
Not Exempt, Not Taxable, Use 2670 to track tax paid on expenses
Use 2650 to track taxes charged on revenues, Report on taxes-yes
Code – H:
Tax HST, Taxable, Rate 13%, Not included, Refundable
Code – HI:
Tax HST, Taxable, Rate 13%, Included, Refundable
Copyright © 2019 Pearson Canada Inc.
Page 3 of 8
Suppliers
Name (Contact), Address
Bell Canada
339 Jupiter Ave., Toronto, ON N4S 6T3
Web: www.bell.ca
Supplier since: 12/01/2005
Phone/Fax
Tel: (905) 310-5221
Terms, Tax, Account
Terms: net 10
Tax Code: HI
Expense Account:
5260 Telephone Expense
Receiver General for Canada (Margot Taxit)
Summerside Tax Centre, Summerside PE C1N 6L2
Web: www.cra-arc.gc.ca
Supplier since: 12/01/2005
Tel: (902) 821-8186
Terms: net 1
Tax Code: No tax
(tax exempt – yes)
Welding Monthly (Leo Libra)
29 Taurus Lane, London, ON N4V 2V7
Tax ID: 493 421 289
E-mail: look.up@weld.com
Supplier since: 06/12/2006
Tel: (226) 593-7191
Fax: (226) 593-1772
Terms: net 20
Tax Code: H
Expense Account:
5020 Advertising
Welds ‘r Us (Vulcan Sidekick)
81 Aquarian Way, Chatham, On N3T 2C9
Tax ID: 563 327 766
E-mail: weldall@welds.com
Supplier since: 01/15/2008
Tel: (519) 592-6282
Fax: (519) 592-8164
Terms: net 30
Tax Code: H
Expense Account:
1480 Other Welding Equipment
Supplier Invoices and Payments
Name
Bell Canada
Terms
net 10
Date
Jun 28/22
Invoice/Chq
BC-55112
Welding Monthly
net 20
Jun 21/22
WM-611
Welds ‘r Us
net 30
Jun 13/22
Jun 17/22
Jun 28/22
WU-4229
Chq 195
WU-5110
Balance Owing
$1 100
–500
400
$1 000
Grand Total
$1 600
net 30
Amount
$ 150
$450
Print the Supplier Aged Detail Report for all suppliers. Include terms.
Copyright © 2019 Pearson Canada Inc.
Page 4 of 8
Customer Accounts
Name (Contact), Address
Wacky Welding (Major Stickit)
45 Dunnit St., Wallaceburg, ON R1E 6T3
E-mail: the_major@wacky.com
Web site: www.wacky.com
Customer since: 01/01/2006
Phone/Fax
Tel: (519) 591-7722
Fax: (519) 591-9112
Revenue Account
4020 Revenue for Services
Noya Welding (Bill Ing)
110 Oxygen St., Windsor, ON N8T 9A1
E-mail: bing@interface.ca
Customer since: 09/16/2008
Tel: (519) 592-9001
Fax: (519) 592-9991
4020 Revenue for Services
Flamer’s Steel (Clare Flame)
10A Readers Den, Woodstock, ON N3H 7D3
Web site: www.flamers.com
Customer since: 11/06/2007
Tel: (519) 762-6712
4020 Revenue for Services
Historical Supplier Invoices and Payments
Name
Wacky Welding
Terms
2/5, n/15
Date
Invoice/Chq
Jun 22/22
108
Jun 23/22
Chq 212
Balance owing (Grand Total)
Amount
$ 5 500
–500
$5 000
Print the Customer Aged Detail Report for all customers. Include terms.
Copyright © 2019 Pearson Canada Inc.
Page 5 of 8
1.
TRANSACTIONS
Change the session date to July 8, 2022. Create shortcuts or change modules and enter the
following transactions.
NOTE: Deposits and withdrawals, except credit card transactions, use Bank: Chequing Account.
Credit Card Purchase Invoice # WM-639
Dated July 2, 2022
From Welding Monthly, $460, plus $59.80 HST for print advertising. Purchase invoice total $519.80.
Charge to Advertising expense. Paid by Chargit.
Sales Invoice #121
Dated July 4, 2022
To Noya Welding, $900 plus $117 HST for welding beams for a wedding party. Invoice total, $1017.
Terms 2/5, net 15.
Payment Cheque #201
Dated July 5, 2022
To Bell Canada, $150 in full payment of account. Reference invoice #BC-55112.
Cash Receipt #297
Dated July 6, 2022
From Wacky Welding, cheque #239 for $1,600 in partial payment of account. Reference invoice #108.
Sales Invoice #122
Dated July 6, 2022
To Flamer’s Steel, for 5 hours of welding on steel girders, $500 plus $65 HST. Invoice total $565.
Terms 2/5, net 15.
Credit Card Sales Invoice #123
Dated July 7, 2022
Sales Summary: To One-time walk-in welding customers, $360 for various types of welding jobs, plus
$46.80 HST. Invoice total $406.80. The customers paid with Chargit credit cards.
Memo #1
Dated July 7, 2022
Welding supplies used during the past week amounted to $24. Adjust welding supplies account and
charge to Welding supplies used expense account. Store as weekly recurring entry.
Bank Memo # PB-77225
Dated July 8, 2022
From Paylo Bank, $1,600 for NSF cheque from Wacky Welding. Reference invoice #108 and cheque
#239. The company has been notified of the unpaid account.
Memo #2
Dated July 8, 2022
Adjust Sales Invoice #122 to Flamer’s Steel. Flamer’s Steel will be using our services on a weekly basis
so their rate will be reduced. The amount billed should be reduced to $400 plus $52 HST. Store the
sales invoice as a weekly recurring transaction.
Memo #3
Dated July 8, 2022
Chris’s welding tank exploded when a customer accidentally dropped it. Write off the welding tool
equipment recorded in account # 1480 valued at $750. Create new Group expense account 5100
Damaged Tools.
Copyright © 2019 Pearson Canada Inc.
Page 6 of 8
Bank Debit Memo #PB-77386
Dated July 8, 2022
From Payblo Bank, pre-authorized bi-weekly payroll for employees.
Wages and payroll expenses
$6,000.00
Payroll services fee
80.00
HST paid on payroll services (purchases)
10.40
Total withdrawal
$6,090.40
Create new Group expense account 5265 Wage and Payroll Expenses
Change the session date to July 15, 2022. Enter the following transactions:
Cash Receipt #298
Dated July 9, 2022
From Noya Welding, cheque # 431 for $996.66 in payment of account, including 2% discount for
prompt payment. Reference invoice #121.
Cheque Purchase Invoice #CP-2990
Dated July 10, 2022
From Crystal Products Inc. (use Quick Add for new supplier), $900 plus $117 HST for one welding
tank to replace the destroyed tank. Invoice total $1 017 paid by cheque #202.
Purchase Invoice #WU-5331
Dated July 11, 2022
From Welds ‘r Us, $600 plus $78 HST, for one arc welding torch kit. Invoice total $678. Terms net 30.
Cash Receipt #299
Dated July 11, 2022
From Wacky Welding, certified cheque #WW-44239 for $1 600 to replace NSF cheque.
Reference invoice #108 and Bank Memo # PB-77225.
Sales Invoice #124
Dated July 13, 2022
To Wacky Welding, $900 for steel welding and consultations, plus $117 HST. Invoice total $1 017.
Change the customer’s terms to net 15 for this invoice and in the customer ledger.
Sales Invoice #125
Dated July 13, 2022
To Flamer’s Steel, $400 plus $52 HST for 5 hours of arc welding. Invoice total $452. Terms 2/5, net
15. Recall stored entry. (Accept message)
Credit Card Sales Invoice #126
To One-time customers,
150 minutes @ $1.00 each
HST Charged
Total amount paid by Chargit
Dated July 13, 2022
150.00 total
19.50
$169.50
Cash Sales Invoice #127
Dated July 14, 2022
Sales Summary: To One-time walk-in clients, $380 for various types of welding jobs, plus $49.40
HST. Invoice total $429.40. Paid by Cash.
Memo #5
Dated July 14, 2022
Welding supplies used in the past week amounted to $24. Adjust welding supplies account and
charge to welding supplies used expense account. Recall stored entry.
Bank Memo # PB-82771
Dated July 15, 2022
From Paylo Bank, $1 500 for regular monthly mortgage payment. This amount includes interest of
$1 200 and $300 in principal.
Copyright © 2019 Pearson Canada Inc.
Page 7 of 8
2. Print the following reports:



Journal Entries for all journals from July 1 to July 15, 2022 – Show corrections.
Comparative Balance Sheet (with percent difference) at July 1, 2022 and July 15, 2022
Income Statement from July 1 to July 15, 2022
3. Bonus question:
Customize the sales invoice as follows to prepare for printing:
Align the names and addresses with the envelope window type ENV002
Change the Ship to label to Bill to
Remove the columns for Item Number, Unit, Quantity Shipped, Price and Tax Code
And save the invoice
Preview and then print invoice #125 (Look up the invoice first.)
Copyright © 2019 Pearson Canada Inc.
Page 8 of 8

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