Computerized accounting with Sage50 Level 1

3. Create accounts to match the following Chart of Accounts. Edit the current earnings account. Account types are shown in brackets beside the account. (A) = Subgroup (S) = Subgroup total (H) = Heading (T) = Total (X) = Current Earnings All other accounts (unmarked) are Group accounts. CHRIS'S WELDING Chart of Accounts 1000 CURRENT ASSETS (H) 5000 EXPENSES (H) 1050 Test Balance 5020 Advertising 1080 Bank: Chequing Account 5030 Bank and Credit Card Fees 1 100 Bank: Credit Card 5040 Cleaning and Maintenance 1200 Accounts Receivable 5060 Hydro Expense 1290 Welding Supplies 5220 Insurance Expense 1390 TOTAL CURRENT ASSETS (T) 5240 Interest Expense 5260 Telephone Expense 1400 CAPITAL ASSETS (H) 5270 Payroll Service Fees 1420 Torches 5280 Welding Supplies Used 1450 Computers 5590 TOTAL EXPENSES (T) 1480 Other Welding Equipment 1500 Vehicle 1550 Shop 1590 TOTAL CAPITAL ASSETS (T) 2000 CURRENT LIABILITIES (H) 2100 Bank Loan 2200 Accounts Payable 2250 Credit Card Payable 2650 HST Charged on Services (A) 2670 HST Paid on Purchases (A) 2750 HST Owing (Refund) (S) 2790 TOTAL CURRENT LIABILITIES (T) 2800 LONG TERM LIABILITIES (H) 2850 Mortgage Payable 2890 TOTAL LONG TERM LIABILITIES (T) 3000 EQUITY (H) 3560 Chris George, Capital 3600 Net Income (X) 3690 TOTAL OWNERS' EQUITY (T) 4000 REVENUE (H) 4020 Revenue from Services 4100 Sales Allowances 4200 Sales Discounts 4390 TOTAL REVENUE (T)