2A-141 RECEIVABLES Module-Basics Challenge Exercise 02 C2A-1, Clocks (RECEIVABLES, INVENTORY & SERVICES and COMPANY Modules) Clocks is a business that sells various type of clocks (e.g., table, desk, grandfather) and is open 7 days a week. You do NOT need to print Sales invoices or receipts. Terms are varied for different customers. HST is 13%. Refer to Exercise 1-1b to unzip the 02 C2A-1 Clocks.exe file. 2 Open the 02 C2A-1 Clocks file, and enter the following Accounts Receivable transactions for May: May 1 Sold 10 desk clocks, model # 256, code DC-01 at $30.00 each, plus HST, to Carney's Clocks. Invoice #212 issued with terms 2/10, net 30. May 1 Issued Sales Quote #136 to Your Name (Your actual name must appear). Terms net 5 days. Other information: 623 Autumn Breeze Way, Mississauga, Ontario, L5B 9P2. Phone and fax numbers may be left blank. Credit limit $2,500.00 for a grandfather model AC clock, code GF-AC, at $2,000.00, plus HST. Free delivery and setup of the clock. Your Name will return from a business trip on Friday, May 4 and will advise about the quote on the clock. Ship date Tuesday, May 8. May 4 Your Name accepted quote #136 and ordered the grandfather clock. The order was increased to include 2 travel alarm clocks, code TC-01, at $35.00 each, plus HST. May 5 Issued invoice #213 for sale of one antique-style desk clock, code DC-AS for $140.00, plus HST, to Carlton Shippers. Cheque #258 received. Early Payment Discount is granted for this customer with early payment credit terms on record. May 8 The grandfather and travel alarm clocks on Order #136 were delivered to Your Name and the grandfather clock was installed. Invoice #214 was left at the home. May 9 Issued sales order #137 to wholesale customer Sandy's Clock Town, for 10 desk clocks model # 899, code DC-03, at $62.50 each, plus HST. The clocks are scheduled to be shipped May 14. Terms are net 2/10, net 30 days. May 10 Your Name returned one of the travel alarm clocks, as it does not work. Your Name does not want a replacement. Credit his/her account. May 11 Received cheque #847 from Carney's Clocks to pay for outstanding invoice #212. May 13 Received cheque #148, as payment from Your Name re: invoice #214. May 14 Issued invoice #215 to Sandy's Clock Town for their order of 7 desk clocks. Three clocks are back ordered and will be shipped on May 23. (Close the confirmation window advising that you are below the re-order point for this item.) 3 When you have recorded the above entries, print the following reports: a) Customer Aged Detail, all customers, with terms at May 14 b) All Journal Entries for May 1 to 14 c) Sales Journal Entries for May 1 to 14 d) Receipts Journal Entries for May 1 to 14 e) Income Statement for Jan 1 to May 14 f) Pending Sales Order Detail, by customer, May 14