Posts

Accounting Assignment

Accounting Assignment

ORDER A PLAGIARISM FREE PAPER NOW

Nusajaya Sdn. Bhd. is preparing budgets for the quarter ending September 30.  Related information is shown as below:

 

  1. Budgeted sales for the next few months are:

 

Month Units
May 15,000
June 20,000
July 30,000
August 40,000
September 50,000
October 35,000
November 25,000

 

 

  1. The selling price is RM12 per unit.

 

  1. All sales are on credit and the collection methods are:
  2. 50% collected in the month of sales
  3. 30% collected in the month following sales
  • 20% collected in two month following sales

 

  1. The management at Nusajaya Sdn. Bhd. determines the ending inventory in units to be equal to 20% of the following month’s budgeted sales.

 

  1. To produce one unit of output, 2 kilograms of direct material are needed.

 

  1. Nusajaya decides to have direct materials on hand at 10,000 kilograms every month

 

  1. Cost of direct material is estimated at RM1.50 per kg.

 

  1. The payment of direct materials is below:
  2. 50% purchases is paid in the month of purchase
  3. 50% purchases is paid in the following month of purchase

 

  1. To produce one unit of output, 0.1 hours of direct labor are required.

 

  1. Nusajaya pays RM8 per hour to its direct labor.

 

  1. All wages are paid at the end of the month.

 

 

  1. Manufacturing is divided into variable and fixed overhead.

 

  1. Variable overhead is applied to each unit of output on the basis of direct labor hours.

 

  1. The variable overhead rate is RM10 per direct labor hour.

 

  1. Fixed overhead is estimated at RM40,000 per month.

 

  1. Ending Finished Goods Inventory is made up from direct material, direct labor and manufacturing Overhead.

 

  1. Cost of Goods Sold is computed based on the unit production cost of RM5.79 per unit.

 

  1. Selling and administrative cost is divided into variable and fixed components.

 

  1. Variable selling and administrative cost is estimated at RM1.50 per unit sold.

 

  1. Fixed selling and administrative cost is estimated at RM50,000 per month, where RM5,000 is the depreciation and it is not a cash expense.

 

  1. Nusajaya has the following cash policy :
  2. Minimum cash balance of RM50,000 is required for every month.
  3. Any deficiency of cash will be covered by loans with repayment in the following month.
  • The interest on loan is charged at 15% per year.
  1. Purchased an equipment in August totalling RM150,000.
  2. Cash balance on 1 July is RM55,000.

 

  1. Nusajaya’s account balances are as follows:

 

RM

Property                                              458,047.50

Equipment                                          150,200 (net)

Ordinary Shares                               500,000

Retained earnings                            335,777.50

 

Required:

 

To prepare the master budget (sales budget up to budgeted Statement of Financial Position) for Nusajaya Sdn. Bhd. for July, August and September.

(GRAND TOTAL : 30)

 

 

 

The following data has been taken from the records of Senkyo Sdn. Bhd.

 

Senkyo Sdn. Bhd.
Comparative Balance Sheet as at 31 December
2014 2015
(RM) (RM)
Assets:
Cash 48,000 33,000
Account receivable 21,000 25,000
Inventory 220,000 195,000
Property, plant and equipment 70,000 70,000
Total assets 359,000 323,000
Liabilities and shareholder’s funds
Current liabilities 62,000 46,000
Non-current liabilities 185,000 180,000
Shareholders’ funds 112,000 97,000
Total liabilities and shareholders’ funds 359,000 323,000
Senkyo Sdn. Bhd.
Comparative Income Statement for the years ended 31 December
2014 2015
(RM) (RM)
Sales 473,000 355,000
Cost of goods sold (240,000) (182,000)
Gross margin 233,000 173,000
Operating expenses (133,000) (121,000)
Interest expenses (15,000) (10,000)
Income tax (30,000) (12,000)
Net income 55,000 30,000

 

 

Required:

 

  1. Using the above information, compute the following ratios for the two years:
  2. Gross profit margin.
  3. Net profit margin before tax.
  • Return on capital employed.
  1. Return on shareholder’s funds.
  2. Long term debt to equity ratio.
  3. Current ratio.
  • Quick ratio.
  • Inventory turnover.
  1. Receivable turnover.
  2. Average collection period.
  3. Average inventory holding period.
  • Non-current assets turnover.

(12)

 

  1. Discuss the qualitative information that may enhance your analysis of the performance of the company.

(3)

 (Total marks : 15)

 

 

TASK 2 Topic 5: Cost-Volume Profit Analysis
Objectives To be able to identify the relevant and irrelevant costs and benefits associated with each feasible alternative with the greatest overall net benefit to aid decision making.
Marks allocated 20 marks

 

Linen Fasterners Sdn. Bhd. makes three different clothing fasteners in its manufacturing facility in Klang.  Data concerning these products is as follows:

 

Velcro Metal Nylon
Normal annual sales volume 100,000 200,000 400,000
Unit selling price (RM) 1.65 1.50 0.85
Variable expense per unit 1.25 0.70 0.25

 

All three products are sold in highly competitive markets, so the company is unable to raise its prices without losing unacceptable numbers of customers.

 

The company has an extremely effective lean production system, so there is no beginning or ending work in process or finished goods inventories.

 

You are required to answer in a contribution income statement format, the following:

 

 

 

  1. What is the company’s overall break-even point in dollar sales?

(4)

  1. Of the total fixed expenses of RM400,000, RM20,000 could be avoided if the Velco product is dropped, RM80,000 if the Metal product is dropped, and RM60,000 if the Nylon product is dropped. The remaining fixed expenses of RM240,000 consist of common fixed expenses such as administrative salaries and rent on the factory building that could be avoided only by going out of business entirely.

 

  1. What is the break-even point in unit sales for each product?

 

  1. If the company sells exactly the break-even quantity of each product, what will be the overall profit of the company?

 

  • If the managers drop the Velcro and Metal products, what will be the overall profit or loss of the company? Explain your result.

 

  1. Prepare a segmented income statement of all three products to prove your answer in (iii) above.

(16)

(Total marks : 20)

 

 

TASK 3 Topic 6: Short Term Decision Making
Objectives To enable the learner to identify relevant and irrelevant costs and benefits associated to assist in decision making.
Marks allocated 15 marks

 

Konstruck Sdn. Bhd. offers three products for the construction industry: blocks, bricks and tiles. The following income statement shows the projected results, by products, for 2015 (in RM thousands) :

 

  Blocks (‘000) Bricks (‘000) Tiles (‘000) Total
Sales revenue RM500 RM800 RM150 RM1450
Less: Variable expenses 250 480 140 870
Contribution margin 250 320 10 580
Less direct fixed expenses:        
    Advertising 10 10 10 30
    Salaries 37 40 35 112
    Depreciation 53 40 10 103
     Total direct expenses 100 90 55 245
Product margin RM 150 RM230 RM(45) RM335
Less: common fixed  expenses       125
Operating income       RM210

 

This is the third consecutive year that the tiles segment is reporting losses. The managing director is considering dropping the product line as it would mean saving RM45,000 by dismissing the line’s supervisor and also eliminating depreciation.

 

  1. Do you agree that the tiles division should be closed based on the above information?

(7)

 

  1. What qualitative factors would need to be considered before a decision on whether to keep or drop a product is adopted?

(6)

 

  1. The marketing manager suggested that if the tile product is dropped, sales and variable costs of blocks would reduce by 10%, and sales and variable costs of bricks by 8% since customers tend to buy all three products together. Hence if the tile product is dropped, customers will buy blocks and bricks elsewhere. Does this mean it is better to keep the tile product line?

(2)

(Total marks : 15)

 

 

TASK 4 Topic 9: Standard Costing and Variance Analysis
Objectives To enable the learner to identify variance analysis and be able to benchmark for the purpose of performance evaluation for organisational efficiency and sustainability.
Marks allocated 20 marks

 

Cahaya Enterprise, a sole proprietor, is a registered contractor with Majlis Perbandaran Kajang (MPK) and operates a residential landscaping business. Besides business from MPK he has a diverse range of clients in the affluent residential areas of Ampang. In an effort to provide quality service, he has concentrated solely on the design and installation of landscaping covering  trees, shrubs, fountains and lighting. With his clients continually requesting additional services, Cahaya Enterprise recently expanded into lawn maintenance, including fertilisation.

 

The following data relate to his first year’s experience with 53 fertilisation upmarket residential clients.  Each residential client required six applications throughout the year and was billed RM40 per application.

 

  • Two applications involved Type A fertiliser, which contains a special ingredient for weed control. The remaining four applications involved Type B fertiliser.
  • Cahaya Enterprise purchased 5,000 kg of Type A fertiliser at RM0.53 per kg and 10,000 kg of Type B fertiliser at RM0.40 per kg. Actual usage amounted to 3,700 kg of Type A and 7,800 kg of Type B.
  • A new part-time employee was hired to spread the fertiliser at the rate of RM11.50 per hour. The employee logged a total of 165 hours at client residences.
  • Based on previous knowledge of his operations and conversations with other landscapers, Cahaya Enterprise established the following standards:
  • Typical hourly rate of landscape personnel: RM9
  • Labour time per application: 40 minutes
  • Fertiliser purchase price per kg: Type A, RM0.50; Type B, RM0.42
  • Fertiliser usage: 40 kg per application

 

Unfortunately, Cahaya Enterprise’s new lawn fertilisation business did not go as smoothly as planned, with customer complaints being much higher than expected.

 

You are required to:

  1. Compute Cahaya Enterprise’s direct material variances (price, quantity and purchase price) for each type of fertiliser.

(11)

  1. Compute the direct labour variances (rate and efficiency).

(4)

  1. Compute the actual cost of the client applications. (Note: exclude any fertiliser in inventory, as  remaining fertiliser can be used next year.)  Was the new service a success?

(1.5)

  1. Analyse the variances you have computed in requirements (a) and (b).
  2. Was the new service a success from an overall cost control perspective? Briefly discuss.
  3. What seems to have happened that would give rise to customer complaints?

(3)

  1. In view of the complaints, should the fertiliser service be continued next year? Why?

(0.5)

(Total marks : 20)

 

(GRAND TOTAL : 70)

 

Accounting Assignment

Accounting Assignment

ORDER A PLAGIARISM FREE PAPER NOW

Chapter 4 Discussion Questions

Question 8

A Series EE U.S. government savings bond accrues 3.5% interest each year. The bond matures in three years, at which time the principal; and interest will be paid. The bank will pay the taxpayer at a 3.5% interest rate each year if he agrees to leave money on deposit for three years. What tax advantage does the Series EE bond offer that is not available with the bank deposit?

Question 9

The taxpayer performs services with payment due from the customer within 30 days. All customers pay within the time limit. What would be the benefit to the taxpayer using the cash method of accounting rather than the accrual method?

Question 10

Wade paid $7,000 for an automobile that needed substantial repairs. He worked nights and weekends to restore the car and spent $2,400 on parts for it. He knows that he can sell the car for $13,000, but he is very wealthy and does not need the money. On the other hand, his daughter, who has very little income, needs money to make the down payment on a house.

  1. Would it matter, after taxes, whether Wade sells the car and gives the money to his daughter or whether he gives the car to his daughter and she sells it for $13,000? Explain.
  2. Assume that Wade gave the car to his daughter after he had arranged for another person to buy it from his daughter. The daughter than transferred the car to the buyer and received $13,000. Who is taxed on the gain?

Question 20

On January 1, 2015, Kunto, a cash basis taxpayer, pays $46,228 for a 24 month certificate. The certificate is priced to yield 4% (the effective interest rate) with interest compounded annually. No interest is paid until maturity, when Kunto receives $50,000. In your computations:

  1. Compute Kunto’s gross income from the certificate for 2015.
  2. Compute Kunto’s gross income from the certificate for 2016.

Round any amounts to the nearest dollar.

Chapter 4 Problem

Problem 27

Determine the taxpayer’s current-year (1) economic income and (2) gross income for tax purposes from the following events:

  1. Sam’s employment contract as chief executive of a large corporation was terminated, and he was paid $500,000 not to work for a competitor of the corporation for five years.
  2. Elliot, a 6-year-old child, was paid $5,000 for appearing in a television commercial. His parents put the funds in a savings account for the child’s education.
  3. Valery found a suitcase that contained $100,000. She could not determine who the owner was.
  4. Winn purchased a lottery ticket for $5 and won $750,000.
  5. Larry spent $1,000 to raise vegetables that he and his family consumed. The cost of the vegetables in a store would have been $2,400.
  6. Dawn purchased an automobile for $1,500 that was worth $3,500. The seller was in desperate need of cash.

Chapter 5 Discussion Question

Question 22

Ellie purchases an insurance policy on her life and names her brother, Jason, as the beneficiary. Ellie pays $32,000 in premiums for the policy during her life. When she dies, Jason collects the insurance proceeds of $500,000. As a result, how much gross income does Jason report?

Question 23

Alfred owned a term life insurance policy at the time he was diagnosed with a terminal illness. After paying $18,300 in premiums, he sold the policy to a company that is authorized by the state of South Carolina to purchase such policies. The company paid Alfred $125.000. When Alfred died 18 months later the company collected the face amount of the policy, $150,000.

As a result of the sale of the policy, how much is Alfred required to include in his gross income?

Question 24

Leland pay premiums of $5,000 for an insurance policy in the face amount of $25,000 upon the life of Caleb and subsequently transfers the policy to Tyler for $7,500. Over the years, Tyler pays subsequent premiums of $1,500 on the policy. Upon Caleb’s death, Tyler receives the proceeds of $25,000. As a result, what amount is Tyler required to include in his gross income?

Question 25

Jarrod receives a scholarship of $18,500 from Riggers University to be used to pursue a bachelor’s degree. He spends $12,000 on tuition, $1,500 on books and supplies, $4,000 for room and board, and $1,000 for personal expenses. How much may Jarrod exclude from his gross income?

 

 

 

Accounting assignment

Accounting assignment

ORDER A PLAGIARISM FREE PAPER NOW

McGraw Hill Connect, Chapter 10 Accounting assignment includes:

 

CHAPTER 10 HOMEWORK and CHAPTER 10 QUIZ completed online through McGraw Hill Connect site with my credentials DUE NO LATER THAN Sunday, 04-28-2013

 

AS WELL AS:

 

Upload DOCUMENTS of Chapter 10 TEST submitted to me through homework market DUE NO LATER THAN Sunday 04-28-2013 —- SEE BELOW:

 

 

 

PROBLEM #1 – 4 points

 

Classify each of the following as – ordinary maintenance and repairs, B – asset improvements, or      – extraordinary repairs.

 

1.    Resurfacing a pool in an apartment building.                      ___________________

 

2.    Installing a new air conditioner in an old building.                         ___________________

 

3.    Exterior and interior painting.                                                  ___________________

 

4.    Fixing damage due to a car accident.                                    ___________________

 

PROBLEM #2 – 14 points

Equipment acquired at a cost of $126,000 and has a book value of $42,000.  Journalize the disposal of equipment under the following independent assumptions. Identify each assumption by letter.

 

(a) The equipment had no market value and was discarded.
(b) The equipment is sold for $53,000.
(c) The equipment is sold for $27,000.
(d) The equipment is traded-in for a similar asset.  The list price of the new equipment is $63,000. The exchange has no commercial substance.

 

Journal

 

Date

 

Description

   

Debit

 

Credit

         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         

 

 

 

PROBLEM #3 – 22 points

An asset was purchased January 1, 20XX and the fiscal year ends December 31st. Calculate depreciation expense, accumulated depreciation, and net book value under the straight-line and the double declining balance methods. Round your answers to the nearest whole dollar.

 

Asset Cost = $200,000                  Salvage Value = $25,000              Estimated Life = 8 Years

 

Straight-line method:

Year   Depreciation Expense   Accumulated Depreciation   Net Book Value
           
20XX            
20X1            
20X2            
20X3            
20X4            
20X5            
20X6            
20X7            

 

Double Declining Balance method:

Year   Depreciation Expense   Accumulated Depreciation   Net Book Value
           
20XX            
20X1            
20X2            
20X3            
20X4            
20X5            
20X6            
20X7    

accounting assignment

accounting assignment

ORDER A PLAGIARISM FREE PAPER NOW

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
Purchase answer to see full attachment