accounting assignment
accounting assignment
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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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