ASSIGNMENT 8 - TESSES TRESSES Tesses Tresses provides a full range of services to their clients, as well as selling a variety of products. Two apartments are owned and rented by the salon. GST is paid by the salon on all purchases and PST on taxable goods and services - except inventory. Some clients hold accounts and can receive an early payment discount, which is not available to cash clients. Clients pay PST (10%) and GST (5%) on products, but only GST on services. This assignment focuses on the Bank Reconciliation and Deposit feature of Simply Accounting. Objective - To ensure that all transactions are effectively recorded and that there is agreement between what is recorded in the bank compared to the general journal. Outcome This includes: - Preparing bank deposit slips - Printing transaction reports for all bank accounts - Comparing bank statements with different transactions reports - Creating link accounts for reconciliation and turning on the reconciliation feature - Reconciling the bank account statement with the general ledger - Displaying different bank reconciliation reports Importance It is importance to ensure that all transactions (all sources and uses of funds) are recorded in the general journal and it a fair representation of the firm's situation Directions - Open the Sage 50 application software and use it to open the applicable data file found either on the DVD that came with the textbook or posted on Blackboard under Activities and assignments - Go to the assigned reading and follow the chapter page by page. Enter each transaction based on the information provided in the source document. - After entering all the source documents, go reports and select the report to be submitted. - At top of page use the export into excel button to export the report in to excel. - To submit into one excel workbook, you will need to cut and paste each report into ONE excel workbook - Check to ensure that asset and expense accounts have debit balances - Check to ensure that revenue and liabilities account have credit balances Use the link below to submit your assignment for Tesses Tresses's. You should be submitting one Excel file that contains: 1. one sheet for your Trial Balance dated February 29, 2020, 2. one sheet for all your Journal Entries for the period of January 31 - February 29, 2020, do not show corrections, 3. one sheet for Account Reconciliation Transaction Report for Account 1060 (reports, banking, account reconciliation transaction, choose Account 1060, start date - Feb. 1, 2020 and finish date - Feb 29, 2020 accept all check marks in transactions types refer to pg. 610 - 611); and 4. one sheet for Account Reconciliation Transaction Report for Account 1080 (reports, banking, account reconciliation transaction, choose Account 1080, start date - Feb. 1, 2020 and finish date - Feb 29, 2020, accept all check marks in transactions types refer to pg. 610 - 611). MARKING RUBRIC -TESSES TRESSES ITEM REQUIREMENTS MAR