2. Working from the Company module window, change default settings if necessary to include the

following:

User Preferences Options Use Accounting Terms

Automatically save changes to Suppliers, Clients and Other Records

Show list buttons

User Preferences View Turn off Checklists and Daily Business Manager at startup and after

changing session date

Turn off Employee & Payroll, Inventory & Services, Project and

Time & Billing

Turn on Change Session Date at startup

User Preferences Transaction Turn on confirmation message Box

Company Information Settings Business No: 342 121 190

Company System Settings Do not allow transactions dated before 07-01-2024

Do not allow transactions in future

Company Backup Settings Backup frequency: Weekly; turn off automatic backups

Company Features Settings Company does not use notes, quotes, orders, packing slips and

project

Company does business in French and English

Company Forms Settings Next Client & Sales Invoice number: 121

Next Receipts number: 297

Company Date Format Settings Month, day, year. Use long date format on the screen and in reports

Computerized Accounting with Sage 50 Level 1 (SI1O)

Final Project 1 Page 4

3. Create accounts to match the following Chart of Accounts.

Edit the current earnings account.

Account types are shown in brackets beside the account.

(A) = Subgroup (S) = Subgroup total (H) = Heading (T) = Total (X) = Current Earnings All

other accounts (unmarked) are Group accounts.

CHRISS 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 WeldingTorches

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)

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 OWNERS 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)

Computerized Accounting with Sage 50 Level 1 (SI1O)

Final Project 1 Page 5

4.Add account balances from the following Trial Balance:

CHRISS WELDING

Post-Closing Trial Balance

July 1, 2024

1080 Bank: Chequing Account $12 150

1100 Bank: Credit Card 200

1200 Accounts Receivable 5 000

1290 Welding Supplies 900

1420 Welding Torches 3 800

1450 Computers 1 500

1480 Other Welding Equipment 4 200

1500 Vehicle 9 000

1550 Shop 150 000

2100 Bank Loan $ 6 000

2200 Accounts Payable 1 600

2250 Credit Card Payable 1 100

2650 HST Charged on Services 950

2670 HST Paid on Purchases 750

2850 Mortgage Payable 99 000

3560 Chris George, Capital ________ 78 850

$187 500 $187 500

Hint: Remember to use account 1050 Test Balance for out of balance amounts.