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- how do i
- Do the Challenge Exercise 07 C7-2 Glass on page 7-437 of textbook. sage 50 book
- The name of the company is Glass, Your Name
- Using Payroll information, confirm and modify the employees payroll information according to the instructions in Part 2.
- Enter the Jan 2 to Jan 24 transactions
- Submit in Moodle the 6 reports, listed in Step 4, as PDF files, add Your Name Glass to the names of the reports
7-438 Learning Sage 50 Premium Accounting 2017.0 Jan 10 Non-salaried payroll for the week ending va A-YOUR ACTUAL LAST, First Name w Issued a cheque for the net pay. ek ending January 10h is recorded as follows: LAST, First Name worked 40 regular hours plus 2 overtime hours. Jan 13 A-YOUR ACTUAL LAST, First Ne confirmed there was an error with the war hours, First Name should have been pala TUAL LAST, First Name stopped by the payroll office today. It was was an error with the Jan. 10 paycheque. In addition to 40 regular st Name should have been paid for 5 overtime hours. They returned the ayroll cheque to the office. Prepare the necessary reversing and correcting entries. approach presented in your textbook.) Issue a replacement cheque (next cheque number) for the correct amount to A-YOUR ACTUAL LAST, First Name. January Pay Dates: Weekly: January 3 January 10 January 17" January 24" Valerie Kott returned to work today. She was approved for a staff loan of $600.00 as her furnace motor needs repairs. Issue next cheque. Process a payroll cheque run for ALL pay periods. Valerie Kott worked 40 hours this week and earned $575 in commissions, and A-YOUR ACTUAL LAST, First Name worked 40 hours, plus + 1 overtime hour. Bi-Weekly: January 3 January 17 Jan 21 Issued next cheque to the Receiver General for the El, CPP and Income Tax payable balances outstanding at January 1, 2025. Jan 24 Valerie worked 40 hours this week and earned $500 commission. A-YOUR ACTUAL, LAST, First name worked 40 hours, no overtime. 4 Print the reports indicated below after you have inputted the transactions. a) Journal Entries All (No corrections) for the period of the entries. b) Payroll Journal Entries, with Corrections to Jan 24. c) Balance Sheet at Jan 24. d) Income Statement. e) Employee Detail (all employees for month of January). f) Cheque log to Jan 24. EMPLOYEES & PAYROLL Module Setup and Processing 7-437 Challenge Exercise 07 C7-2, Glass OYEES & PAYROLL, PAYABLES and COMPANY Modules) retail customers. "pany sells assorted glasses and glassware products to both wholesale and This exercise is a review of the EMPLOYEES R PAYROLL PAYABLES and COMPANY modules. Refer to Exercise 1-15 to unzip the 07 C7-2 Glass.exe file. 1 2 Open the 07 7C-2 Glass file. Payroll information: All employees are paid as noted in the information below. Overtime is paid at time and a half (regular pay plus regular pay). Vacation pay (4%) is retained from hourly and commission employees, until the employee takes a vacation. Vacation pay is not calculated for salaried employees. The El rate is 1.4% times the employee deductions. It is assumed that the employee is exempt from the Employee Health Tax (EHT). Union Dues are deducted from hourly and commission employees' paycheques. The company has a pension plan. The Company allows employees to receive a payroll loan up to $700.00 for extenuating circumstances. The loan is repayable by all employees at $20.00 per pay. There are no outstanding loans. January Hourly and commission employees are paid weekly. Pay Dates: Salaried employees are paid bi-weekly (4th and 18th). Weekly: January 3 Deductions per pay period: Medical Pension Union Dues Safety Shoes January 10 Hourly employees: January 17 January 24" Commission employees: Salary employees: Bi-Weekly; January 3 January 17th 3> Record and Post the following transactions for January. Change employee "A-YOUR ACTUAL LAST, First Name" to your own name before processing. Jan 2 Received "Memo Sal-Rev" from the owner to reverse the December 31st payroll accrual in the amount of $1,500 for all employees. (The total accrual for wages and salaries was accrued in Salaries Expense at Dec 31, 2024.) Jan 3 Process a payroll cheque run for ALL pay periods. Note: A-YOUR ACTUAL LAST, First Name worked 40 hours + 4 hours overtime, and Valerie Kott worked 40 hours and earned $450 in commissions. Jan 6 Valerie Kott phoned this morning requesting one week off for personal reasons and asked for her vacation pay. Released total vacation pay owing (40 hours) as of January 4". Did not deduct for medical plan or union dues. 7-438 Learning Sage 50 Premium Accounting 2017.0 Jan 10 Non-salaried payroll for the week ending va A-YOUR ACTUAL LAST, First Name w Issued a cheque for the net pay. ek ending January 10h is recorded as follows: LAST, First Name worked 40 regular hours plus 2 overtime hours. Jan 13 A-YOUR ACTUAL LAST, First Ne confirmed there was an error with the war hours, First Name should have been pala TUAL LAST, First Name stopped by the payroll office today. It was was an error with the Jan. 10 paycheque. In addition to 40 regular st Name should have been paid for 5 overtime hours. They returned the ayroll cheque to the office. Prepare the necessary reversing and correcting entries. approach presented in your textbook.) Issue a replacement cheque (next cheque number) for the correct amount to A-YOUR ACTUAL LAST, First Name. January Pay Dates: Weekly: January 3 January 10 January 17" January 24" Valerie Kott returned to work today. She was approved for a staff loan of $600.00 as her furnace motor needs repairs. Issue next cheque. Process a payroll cheque run for ALL pay periods. Valerie Kott worked 40 hours this week and earned $575 in commissions, and A-YOUR ACTUAL LAST, First Name worked 40 hours, plus + 1 overtime hour. Bi-Weekly: January 3 January 17 Jan 21 Issued next cheque to the Receiver General for the El, CPP and Income Tax payable balances outstanding at January 1, 2025. Jan 24 Valerie worked 40 hours this week and earned $500 commission. A-YOUR ACTUAL, LAST, First name worked 40 hours, no overtime. 4 Print the reports indicated below after you have inputted the transactions. a) Journal Entries All (No corrections) for the period of the entries. b) Payroll Journal Entries, with Corrections to Jan 24. c) Balance Sheet at Jan 24. d) Income Statement. e) Employee Detail (all employees for month of January). f) Cheque log to Jan 24. EMPLOYEES & PAYROLL Module Setup and Processing 7-437 Challenge Exercise 07 C7-2, Glass OYEES & PAYROLL, PAYABLES and COMPANY Modules) retail customers. "pany sells assorted glasses and glassware products to both wholesale and This exercise is a review of the EMPLOYEES R PAYROLL PAYABLES and COMPANY modules. Refer to Exercise 1-15 to unzip the 07 C7-2 Glass.exe file. 1 2 Open the 07 7C-2 Glass file. Payroll information: All employees are paid as noted in the information below. Overtime is paid at time and a half (regular pay plus regular pay). Vacation pay (4%) is retained from hourly and commission employees, until the employee takes a vacation. Vacation pay is not calculated for salaried employees. The El rate is 1.4% times the employee deductions. It is assumed that the employee is exempt from the Employee Health Tax (EHT). Union Dues are deducted from hourly and commission employees' paycheques. The company has a pension plan. The Company allows employees to receive a payroll loan up to $700.00 for extenuating circumstances. The loan is repayable by all employees at $20.00 per pay. There are no outstanding loans. January Hourly and commission employees are paid weekly. Pay Dates: Salaried employees are paid bi-weekly (4th and 18th). Weekly: January 3 Deductions per pay period: Medical Pension Union Dues Safety Shoes January 10 Hourly employees: January 17 January 24" Commission employees: Salary employees: Bi-Weekly; January 3 January 17th 3> Record and Post the following transactions for January. Change employee "A-YOUR ACTUAL LAST, First Name" to your own name before processing. Jan 2 Received "Memo Sal-Rev" from the owner to reverse the December 31st payroll accrual in the amount of $1,500 for all employees. (The total accrual for wages and salaries was accrued in Salaries Expense at Dec 31, 2024.) Jan 3 Process a payroll cheque run for ALL pay periods. Note: A-YOUR ACTUAL LAST, First Name worked 40 hours + 4 hours overtime, and Valerie Kott worked 40 hours and earned $450 in commissions. Jan 6 Valerie Kott phoned this morning requesting one week off for personal reasons and asked for her vacation pay. Released total vacation pay owing (40 hours) as of January 4". Did not deduct for medical plan or union dues
