Challenge Exercise 07 C7-1, Carpets 4 Home (EMPLOYEES & PAYROLL, PAYABLES AND COMPANY Modules) . This exercise is a review of the EMPLOYEES & PAYROLL PAYABLES and COMPANY modules. 1> Refer to Exercise 1-16 to unzip the 07 C7-1 Carpets.exe file. 2 > Open the 07 C7.1 Carpets file Payroll Information: All employees are paid bi-weekly 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 or retained for salaried employees The El rate is 1.4% times the employee deductions It is assumed that the employer is exempt from the Employee Health Tax (EHT) Union dues are deducted from hourly and commission employees' paycheques The company does not have 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. Hardeep Singh has a $500.00 loan owing at January 1 Commission employee Vibeke Ipanaque is on a medical leave of absence and is expected back to work by the middle of January . 3> Record and Post the following transactions for January Jan 2. Change employee "A-YOUR ACTUALLAST, First Name" to your own name before processing payroll transactions Jan 2 Momo 1-YM, received from Owner, to reverse the Accrued Payroll Payable entry created in the previous year. See the January 1 Trial Balance (There was no accrual for commission employees.) Jan 3 Pay by Payroll Cheque Run, pay period effective today Hardeep Singh 80 hours, she is repaying her loan by $20.00 per pay Herve Lions 80 hours and 1 hour overtime A-YOUR ACTUAL LAST, First Name salary (B0 hours per period) Jan 3 Hardeep Singh (normally paid bi-weekly) will go on a one-week vacation starting today. She will return on January 13. As discussed in the chapter, change the pay periods to 52 and then issue a vacation paycheque (40 hours). S650.00 of the amount accrued. Use the Paycheques icon to pay the Vacation Pay. Union dues and/or loan repayments are not deducted on vacation pay Jan 3 Manager called Herve Lions to advise him his cheque was incorrect. He had been 2 hours late for work on January 2, and the cheque should have been for 79 hours at his regular wage rate Received and reversed original cheque, Issued a corrected cheque 7-436 Learning Sage 50 Premium Accounting 2018.0 Jan 13 Jan 13 Jan 15 Jan 17 Vibeke Ipanaque and Hardeep Singh both returned to work today. They will each be working just one week in this pay period (ending Jan. 17). Make sure their employee setup reflects this (Income tab) to ensure taxes will be deducted properly. Return Vibeke Ipanaque to Active Employee" status Canada Revenue Agency (CRA) payroll auditor arrived today to do an audit on the previous year's payroll records The payroll auditor verified that the previous year's files and records were in order. The manager approved issuing the next cheque to the Receiver General, for December 31. amount owing for PAYROLL amounts (Trial Balance amounts at January 1). Pay by Payroll Cheque Run, pay period effective today Singh, Hardeep for 40 hours. She is repaying her loan by $20.00 per pay Ipanaque, Vibeke for $912.00 commission for 40 hours Lions, Herve for 80 hours and 1 hour overtime A-YOUR ACTUAL Last, First Name salary (80 hours per period) After the payroll cheque run is completed, return Vibeke and Hardeep to 26 pay periods per year The owner has given you a memo to update the accounting records by recording a payroll accrual for 5976.00 salary and $350.00 commission, for the period ending today. The owner needs the reports, listed below for a meeting with the bank. Jan 20 4 Print the following reports for the manager for his meeting with the bank manager. a) Balance Sheet b) Income Statement (All amounts will be zero, except for payroll) c) Payroll Journal Entries, with corrections, to January 20 d) All Journal Entries, with corrections, for the same period e) General Journal Entries for the same period 1) Cheque log for January 1 to January 20 7-435 EMPLOYEES & PAYROLL Module Setup and Processing Challenge Exercise 07 C7-1, Carpets 4 Home (EMPLOYEES & PAYROLL, PAYABLES AND COMPANY Modules) This exercise is a review of the EMPLOYEES & PAYROLL, PAYABLES and COMPANY modules 1 Refer to Exercise 116 to unzip the 07 C7-1 Carpets.exe file 2 Open the 07 C7-1 Carpets file Payroll information: All employees are paid bi-weekly 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 or retained for salaried employees The El rate is 1.4% times the employee deductions It is assumed that the employer is exempt from the Employee Health Tax (EHT) Union dues are deducted from hourly and commission employees' paycheques The company does not have 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 Hardeep Singh has a $500.00 loan owing at January 1 Commission employee Vibeke Ipanaque is on a medical leave of absence and is expected back to work by the middle of January . 3 > Record and Post the following transactions for January Jan 2 Change employee "A-YOUR ACTUAL LAST First Name to your own name before processing payroll transactions Jan 2 Memo 1-YM, received from Owner, to reverse the Accrued Payroll Payable entry created in the previous year. See the January 1 Trial Balance. (There was no accrual for commission employees.) Jan 3 Pay by Payroll Cheque Run, pay period effective today: Hardeep Singh 80 hours, she is repaying her loan by $20.00 per pay Herve Lions 80 hours and 1 hour overtime A-YOUR ACTUAL LAST. First Name salary (80 hours per period) Jan 3 Hardeep Singh (normally paid bi-weekly) will go on a one week vacation starting today. She will return on January 13. As discussed in the chapter, change the pay periods to 52 and then issue a vacation paycheque (40 hours) $650.00 of the amount accrued. Use the Paycheques icon to pay the Vacation Pay. Union dues and/or loan repayments are not deducted on vacation pay. Jan 3 Manager called Herve Lions to advise him his cheque was incorrect. He had been 2 hours late for work on January 2, and the cheque should have been for 79 hours at his regular wage rate. Received and reversed original cheque. Issued a corrected cheque. 36 Learning Sage 50 Premium Accounting 2018.0 Jan 13 Jan 15 Jan 13 Vibeke Ipanaque and Hardeep Singh both returned to work today. They will each be working just one week in this pay period (ending Jan. 17). Make sure their employee setup reflects this (Income tab) to ensure taxes will be deducted properly. Return Vibeke Ipanaque to Active Employee status Canada Revenue Agency (CRA) payroll auditor arrived today to do an audit on the previous year's payroll records. The payroll auditor verified that the previous year's files and records were in order. The manager approved issuing the next cheque to the Receiver General, for December 31, amount owing for PAYROLL amounts (Trial Balance amounts at January 1). Pay by Payroll Cheque Run, pay period effective today. Singh, Hardeep for 40 hours. She is repaying her loan by $20.00 per pay Ipanaque, Vibeke for $912.00 commission for 40 hours Lions, Herve for 80 hours and 1 hour overtime A-YOUR ACTUAL Last, First Name salary (80 hours per period) After the payroll cheque run is completed, return Vibeke and Hardeep to 26 pay periods per year. Jan 17 Jan 20 The owner has given you a memo to update the accounting records by recording a payroll accrual for $976.00 salary and $350.00 commission, for the period ending today. The owner needs the reports, listed below, for a meeting with the bank. 4> Print the following reports for the manager for his meeting with the bank manager a) Balance Sheet b) Income Statement (All amounts will be zero, except for puyu c) Payroll Journal Entries, with corrections, to January 20 d) All Journal Entries, with corrections, for the same period e) General Journal Entries for the same period 1) Cheque log for January 1 to January 20 Challenge Exercise 07 C7-1, Carpets 4 Home (EMPLOYEES & PAYROLL, PAYABLES AND COMPANY Modules) . This exercise is a review of the EMPLOYEES & PAYROLL PAYABLES and COMPANY modules. 1> Refer to Exercise 1-16 to unzip the 07 C7-1 Carpets.exe file. 2 > Open the 07 C7.1 Carpets file Payroll Information: All employees are paid bi-weekly 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 or retained for salaried employees The El rate is 1.4% times the employee deductions It is assumed that the employer is exempt from the Employee Health Tax (EHT) Union dues are deducted from hourly and commission employees' paycheques The company does not have 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. Hardeep Singh has a $500.00 loan owing at January 1 Commission employee Vibeke Ipanaque is on a medical leave of absence and is expected back to work by the middle of January . 3> Record and Post the following transactions for January Jan 2. Change employee "A-YOUR ACTUALLAST, First Name" to your own name before processing payroll transactions Jan 2 Momo 1-YM, received from Owner, to reverse the Accrued Payroll Payable entry created in the previous year. See the January 1 Trial Balance (There was no accrual for commission employees.) Jan 3 Pay by Payroll Cheque Run, pay period effective today Hardeep Singh 80 hours, she is repaying her loan by $20.00 per pay Herve Lions 80 hours and 1 hour overtime A-YOUR ACTUAL LAST, First Name salary (B0 hours per period) Jan 3 Hardeep Singh (normally paid bi-weekly) will go on a one-week vacation starting today. She will return on January 13. As discussed in the chapter, change the pay periods to 52 and then issue a vacation paycheque (40 hours). S650.00 of the amount accrued. Use the Paycheques icon to pay the Vacation Pay. Union dues and/or loan repayments are not deducted on vacation pay Jan 3 Manager called Herve Lions to advise him his cheque was incorrect. He had been 2 hours late for work on January 2, and the cheque should have been for 79 hours at his regular wage rate Received and reversed original cheque, Issued a corrected cheque 7-436 Learning Sage 50 Premium Accounting 2018.0 Jan 13 Jan 13 Jan 15 Jan 17 Vibeke Ipanaque and Hardeep Singh both returned to work today. They will each be working just one week in this pay period (ending Jan. 17). Make sure their employee setup reflects this (Income tab) to ensure taxes will be deducted properly. Return Vibeke Ipanaque to Active Employee" status Canada Revenue Agency (CRA) payroll auditor arrived today to do an audit on the previous year's payroll records The payroll auditor verified that the previous year's files and records were in order. The manager approved issuing the next cheque to the Receiver General, for December 31. amount owing for PAYROLL amounts (Trial Balance amounts at January 1). Pay by Payroll Cheque Run, pay period effective today Singh, Hardeep for 40 hours. She is repaying her loan by $20.00 per pay Ipanaque, Vibeke for $912.00 commission for 40 hours Lions, Herve for 80 hours and 1 hour overtime A-YOUR ACTUAL Last, First Name salary (80 hours per period) After the payroll cheque run is completed, return Vibeke and Hardeep to 26 pay periods per year The owner has given you a memo to update the accounting records by recording a payroll accrual for 5976.00 salary and $350.00 commission, for the period ending today. The owner needs the reports, listed below for a meeting with the bank. Jan 20 4 Print the following reports for the manager for his meeting with the bank manager. a) Balance Sheet b) Income Statement (All amounts will be zero, except for payroll) c) Payroll Journal Entries, with corrections, to January 20 d) All Journal Entries, with corrections, for the same period e) General Journal Entries for the same period 1) Cheque log for January 1 to January 20 7-435 EMPLOYEES & PAYROLL Module Setup and Processing Challenge Exercise 07 C7-1, Carpets 4 Home (EMPLOYEES & PAYROLL, PAYABLES AND COMPANY Modules) This exercise is a review of the EMPLOYEES & PAYROLL, PAYABLES and COMPANY modules 1 Refer to Exercise 116 to unzip the 07 C7-1 Carpets.exe file 2 Open the 07 C7-1 Carpets file Payroll information: All employees are paid bi-weekly 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 or retained for salaried employees The El rate is 1.4% times the employee deductions It is assumed that the employer is exempt from the Employee Health Tax (EHT) Union dues are deducted from hourly and commission employees' paycheques The company does not have 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 Hardeep Singh has a $500.00 loan owing at January 1 Commission employee Vibeke Ipanaque is on a medical leave of absence and is expected back to work by the middle of January . 3 > Record and Post the following transactions for January Jan 2 Change employee "A-YOUR ACTUAL LAST First Name to your own name before processing payroll transactions Jan 2 Memo 1-YM, received from Owner, to reverse the Accrued Payroll Payable entry created in the previous year. See the January 1 Trial Balance. (There was no accrual for commission employees.) Jan 3 Pay by Payroll Cheque Run, pay period effective today: Hardeep Singh 80 hours, she is repaying her loan by $20.00 per pay Herve Lions 80 hours and 1 hour overtime A-YOUR ACTUAL LAST. First Name salary (80 hours per period) Jan 3 Hardeep Singh (normally paid bi-weekly) will go on a one week vacation starting today. She will return on January 13. As discussed in the chapter, change the pay periods to 52 and then issue a vacation paycheque (40 hours) $650.00 of the amount accrued. Use the Paycheques icon to pay the Vacation Pay. Union dues and/or loan repayments are not deducted on vacation pay. Jan 3 Manager called Herve Lions to advise him his cheque was incorrect. He had been 2 hours late for work on January 2, and the cheque should have been for 79 hours at his regular wage rate. Received and reversed original cheque. Issued a corrected cheque. 36 Learning Sage 50 Premium Accounting 2018.0 Jan 13 Jan 15 Jan 13 Vibeke Ipanaque and Hardeep Singh both returned to work today. They will each be working just one week in this pay period (ending Jan. 17). Make sure their employee setup reflects this (Income tab) to ensure taxes will be deducted properly. Return Vibeke Ipanaque to Active Employee status Canada Revenue Agency (CRA) payroll auditor arrived today to do an audit on the previous year's payroll records. The payroll auditor verified that the previous year's files and records were in order. The manager approved issuing the next cheque to the Receiver General, for December 31, amount owing for PAYROLL amounts (Trial Balance amounts at January 1). Pay by Payroll Cheque Run, pay period effective today. Singh, Hardeep for 40 hours. She is repaying her loan by $20.00 per pay Ipanaque, Vibeke for $912.00 commission for 40 hours Lions, Herve for 80 hours and 1 hour overtime A-YOUR ACTUAL Last, First Name salary (80 hours per period) After the payroll cheque run is completed, return Vibeke and Hardeep to 26 pay periods per year. Jan 17 Jan 20 The owner has given you a memo to update the accounting records by recording a payroll accrual for $976.00 salary and $350.00 commission, for the period ending today. The owner needs the reports, listed below, for a meeting with the bank. 4> Print the following reports for the manager for his meeting with the bank manager a) Balance Sheet b) Income Statement (All amounts will be zero, except for puyu c) Payroll Journal Entries, with corrections, to January 20 d) All Journal Entries, with corrections, for the same period e) General Journal Entries for the same period 1) Cheque log for January 1 to January 20