Challenge Exercise $03$ C$3$B$-2,$ China

PAYABLES, RECEIVABLES, INVENTORY & SERVICES, and COMPANY Modules

Refer to Exercise $1-1$ to unzip the $03$ C$3$B$-2$ China.exe file.

$2>$ Open the $03$ C$3$B$-2$ China file.

The China Company sells various kinds and sizes of china for everyday use and for special occasions. Apply $13\%$ HST to sales. Terms for non$-$retail sale customers are $\frac{2}{10},$ net $30.$ Vendor invoices normally have terms of $\frac{2}{10},$ net $30,$ except where additional information is given.

All sales invoices and cheques are issued in numerical order. China Company does not print invoices or cheques. The company does not use the Shipped field in Purchase Invoices. Cash discounts when appropriate are calculated on the cost price before HST$.$ You normally work on March $5,12,19,26,$ and March $31.$ You advance the session date when you open the data file.

Record and Post the following transactions:

Ignore phone and fax numbers for new customers and vendors.

Mar $1$ Issued Purchase order #$106$ to BNS Printing Ltd$.$ for new invoices with a revised logo$.$ Delivery date is Mar $5.$ Cost of the new invoices will be $$100\mathrm{.}00,$ plus HST$,$ with terms $\frac{2}{10},$ net $30.$

Mar $1$ Advertisement in today's issue of Yourtown Newspaper, a new vendor, $5569$ Ace Avenue, Yourtown, Ontario L$5$N $1$X$6,$ contact Stanley Faria. Invoice #$1099$ received for $$200\mathrm{.}00,$ plus HST$.$ Terms net $15$ days. Use an appropriate account for the default Expense field.

Mar $2$ Purchased $30$ dinner plates, code DP$-01,$ at $$25\mathrm{.}00$ each, plus HST$,$ from Specialty Manufacturer Ltd$.$ All plates were received in good condition. Invoice #$361$ dated today with terms of $\frac{2}{10},$ net $30.$

Mar $3$ Sold on Invoice #$5270,$ one Luncheon Service, code LSS$-01,$ to a new customer, Your Actual Name, $85$ Lake Avenue, Rockton, Ontario L$6$N$1$B$9.$ The selling price is $$1,000\mathrm{.}00,$ plus HST$.$ Your Actual Name will pay the net amount in $15$ days. Credit limit $$3,000\mathrm{.}00.$

Mar $5$ The new invoices from BNS Printing ordered on PO #$106$ are received in good condition with Invoice #$875$ dated today.

Mar $5$ We returned $4$ plates from the Mar $2$ order from Specialty Manufacturer Ltd$.,$ because the pattern is not centred. Original cost of the plates was $$25\mathrm{.}00$ each, plus HST$.$

Mar $6$ Sold $1$ dozen soup bowls, SB$-01,$ at $$15\mathrm{.}00$ per bowl, plus HST$,$ to Plates and More. Normal terms.

Mar $6$ Issued cheque to pay Receiver General the HST owing at the end of February. You may have to click the All Accounts button at the bottom of the Select Account window, to display other accounts.

Mar $7$ Plates and More returned $5$ of the soup bowls because they arrived damaged. We have called the shipping company to determine what happened. Plates and More have requested a reduction to their account. We accepted the returned bowls by issuing a credit note with the original Invoice number as a reference.