First trial balance Completed 39 (approximately) This page up to 0 25 hours Remaining pages up to 4 00 hours Time frames are only a guide You may take more or less time to complete each page Your grading outcome (still in progess) Awarded Points Total Points Prior to this page 17 29 On this page 0 59 After this page 0 243 Total 17 331 Sage 50 Learning Centre Sage 50 Learning Center Quick reference guide Information from previous pages Welcome page Academic honesty General instructions Navigating your practice set Accounting policies and procedures Setup information Write check (first transaction) Transactions list (to May 7) Providing information about the company As you return to your desk from your lunch break, you meet Rinaldo who asks you to print the latest trial balance, aged receivables and aged payables report immediately He wants to know the current state of the company's accounts because he has to meet prospective investors soon Rinaldo then tells you that he will ask more questions about your work today after returning from the meeting Instructions Use Sage 50 to print the latest trial balance for Intermaweb Computer that does not include accounts with zero balances Transcribe your answers into the trial balance provided below Use Sage 50 to print the current aged receivables report for Intermaweb Computer as of May 7, 2017 Transcribe your answers into the aged receivables report below If Sage 50 presents numbers in brackets or as negative numbers, you must enter those numbers as negative numbers Use Sage 50 to print the current aged payables report for Intermaweb Computer as of May 7, 2017 Transcribe your answers into the aged payables report below If Sage 50 presents numbers in brackets or as negative numbers, you must enter those numbers as negative numbers Answer all of the questions about Sage 50 that Rinaldo asks you below The trial balance Early May The trial balance for Intermaweb Computer as of May 7, 2017 is shown below Intermaweb Computer General Ledger Trial Balance As of May 7, 2017 Account ID Account Description Debit Amt Credit Amt 1020 Checking Account 1100 Accounts Receivable 1150 Allowance for Doubtful Account 680 1200 Inventory 1300 Office Supplies 1500 Property and Equipment 1900 Accum Depreciation Prop Eqt 22,477 2000 Accounts Payable 2310 Sales Tax Payable 2330 Federal Payroll Taxes Payable 1,980 2600 Short Term Debt 2700 Long Term Debt Noncurrent 41,000 3910 Retained Earnings 145,263 3930 Common Stock 55,000 4000 Sales Income 5000 Cost of Goods Sold 6000 Salaries Expense 19,760 6100 Payroll Tax Expense 2,766 6150 Bad Debt Expense 1,391 6400 Utilities Expense 3,472 6450 Office Supplies Expense 6500 Telephone Expense 3,954 6850 Service Charge Expense 38 6900 Purchase Disc Expense Items 149 7050 Depreciation Expense 22,477 Total 54007 266400 the information provided before is Transactions list (to May 7) First transaction On May 1, 2017, Rinaldo issued Check no 4038 to Office Supplies Warehouse for the purchase of $2,500 worth of office equipment Transactions from early May 2017 May 1 Obtained a loan of $16,000 from Uncle Oswald (a family relative of Rinaldo Jensen) at a simple interest rate of 10 per year, Check No 172, Receipt No 6453 The principal and interest on the loan are payable in six months time May 2 Purchased 9 units Tony ZIO MLP projectors from Mega Tech at $1,420 each, Invoice No 848 Issued Check No 4039 for $6,000 to this supplier at the time of the purchase May 2 Issued Check No 4040 for $1,750 to Discount Office Supplies for the purchase of office supplies May 3 Received Check No 225 from Radio Hut for the full amount outstanding on their account, Receipt No 6454 May 6 Issued Check No 4041 for $8,534 to Big Telco in payment of Invoice No 787 May 6 Sold the following items on credit to Handys Electronics, Invoice No 3059 3 units DK800 desktop computers for $1,700 each plus 5 sales tax 5 units Zii game consoles for $1,300 each plus 5 sales tax $6,300 was received immediately, Check No 643, with the remainder due to be received in 30 days time Note Remember that you were asked to create a deposit ticket on May 7, 2017 to record all checks received from May 1 to May 6 inclusive, Deposit Ticket ID 1 information provided before Intermaweb Computer Trial Balance As of 30 April 2017 Account ID Account Description Debit Amt Credit Amt 1020 Checking Account 93,650 1100 Accounts Receivable 33,997 1150 Allowance for Doubtful Account 680 1200 Inventory 109,680 1300 Office Supplies 338 1400 Prepaid Rent 1500 Property and Equipment 46,000 1900 Accum Depreciation Prop Eqt 22,477 2000 Accounts Payable 27,837 2310 Sales Tax Payable 11,349 2330 Federal Payroll Taxes Payable 1,980 2390 Interest Payable 2500 Current Portion Long Term Debt 2600 Short Term Debt 2700 Long Term Debt Noncurrent 41,000 3910 Retained Earnings 145,263 3930 Common Stock 55,000 4000 Sales Income 114,456 4100 Interest Income 4200 Finance Charge Income 4300 Other Income 4900 Sales Discounts 5000 Cost of Goods Sold 80,119 6000 Salaries Expense 19,760 6100 Payroll Tax Expense 2,766 6150 Bad Debt Expense 1,391 6300 Rent Expense 6400 Utilities Expense 3,472 6450 Office Supplies Expense 2,251 6500 Telephone Expense 3,954 6800 Freight Expense 6850 Service Charge Expense 38 6860 Interest Expense 6900 Purchase Disc Expense Items 149 7050 Depreciation Expense 22,477

The Answer is in the image, click to view ...

Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jul 16, 2024

First trial balance Completed: 39% (approximately) This page: up to 0.25 hours Remaining pages: up to 4.00 hours Time frames are only a guide. You

First trial balance

Completed: 39% (approximately)
This page: up to 0.25 hours
Remaining pages: up to 4.00 hours

Time frames are only a guide. You may take more or less time to complete each page.

Your grading outcome (still in progess)

	Awarded Points	Total Points
Prior to this page	17	29
On this page	0	59
After this page	0	243
Total	17	331

Sage 50 Learning Centre

Sage 50 Learning Center
Quick reference guide

Information from previous pages

Welcome page
Academic honesty
General instructions
Navigating your practice set
Accounting policies and procedures
Setup information
Write check (first transaction)
Transactions list (to May 7)

Providing information about the company

As you return to your desk from your lunch break, you meet Rinaldo who asks you to print the latest trial balance, aged receivables and aged payables report immediately. He wants to know the current state of the company's accounts because he has to meet prospective investors soon. Rinaldo then tells you that he will ask more questions about your work today after returning from the meeting.

Instructions

Use Sage 50 to print the latest trial balance for Intermaweb Computer that does not include accounts with zero balances. Transcribe your answers into the trial balance provided below.
Use Sage 50 to print the current aged receivables report for Intermaweb Computer as of May 7, 2017. Transcribe your answers into the aged receivables report below. If Sage 50 presents numbers in brackets or as negative numbers, you must enter those numbers as negative numbers.
Use Sage 50 to print the current aged payables report for Intermaweb Computer as of May 7, 2017. Transcribe your answers into the aged payables report below. If Sage 50 presents numbers in brackets or as negative numbers, you must enter those numbers as negative numbers.
Answer all of the questions about Sage 50 that Rinaldo asks you below.

The trial balance: Early May

The trial balance for Intermaweb Computer as of May 7, 2017 is shown below:

Intermaweb Computer General Ledger Trial Balance As of May 7, 2017

Account ID	Account Description	Debit Amt	Credit Amt
1020	Checking Account
1100	Accounts Receivable
1150	Allowance for Doubtful Account		680
1200	Inventory
1300	Office Supplies
1500	Property and Equipment
1900	Accum. Depreciation - Prop&Eqt		22,477
2000	Accounts Payable
2310	Sales Tax Payable
2330	Federal Payroll Taxes Payable		1,980
2600	Short Term Debt
2700	Long Term Debt-Noncurrent		41,000
3910	Retained Earnings		145,263
3930	Common Stock		55,000
4000	Sales Income
5000	Cost of Goods Sold
6000	Salaries Expense	19,760
6100	Payroll Tax Expense	2,766
6150	Bad Debt Expense	1,391
6400	Utilities Expense	3,472
6450	Office Supplies Expense
6500	Telephone Expense	3,954
6850	Service Charge Expense	38
6900	Purchase Disc-Expense Items	149
7050	Depreciation Expense	22,477
	Total:	54007	266400

the information provided before is :

Transactions list (to May 7)

First transaction

On May 1, 2017, Rinaldo issued Check no. 4038 to Office Supplies Warehouse for the purchase of $2,500 worth of office equipment.

Transactions from early May 2017
May 1	Obtained a loan of $16,000 from Uncle Oswald (a family relative of Rinaldo Jensen) at a simple interest rate of 10% per year, Check No. 172, Receipt No. 6453. The principal and interest on the loan are payable in six months time.
May 2	Purchased 9 units Tony ZIO MLP projectors from Mega Tech at $1,420 each, Invoice No. 848. Issued Check No. 4039 for $6,000 to this supplier at the time of the purchase.
May 2	Issued Check No. 4040 for $1,750 to Discount Office Supplies for the purchase of office supplies.
May 3	Received Check No. 225 from Radio Hut for the full amount outstanding on their account, Receipt No. 6454.
May 6	Issued Check No. 4041 for $8,534 to Big Telco in payment of Invoice No. 787.
May 6	Sold the following items on credit to Handys Electronics, Invoice No. 3059: 3 units DK800 desktop computers for $1,700 each plus 5% sales tax 5 units Zii game consoles for $1,300 each plus 5% sales tax. $6,300 was received immediately, Check No. 643, with the remainder due to be received in 30 days time.
Note: Remember that you were asked to create a deposit ticket on May 7, 2017 to record all checks received from May 1 to May 6 inclusive, Deposit Ticket ID 1.

information provided before:

Intermaweb Computer Trial Balance As of 30 April 2017

Account ID	Account Description	Debit Amt	Credit Amt
1020	Checking Account	93,650
1100	Accounts Receivable	33,997
1150	Allowance for Doubtful Account		680
1200	Inventory	109,680
1300	Office Supplies	338
1400	Prepaid Rent
1500	Property and Equipment	46,000
1900	Accum. Depreciation - Prop&Eqt		22,477
2000	Accounts Payable		27,837
2310	Sales Tax Payable		11,349
2330	Federal Payroll Taxes Payable		1,980
2390	Interest Payable
2500	Current Portion Long-Term Debt
2600	Short Term Debt
2700	Long Term Debt-Noncurrent		41,000
3910	Retained Earnings		145,263
3930	Common Stock		55,000
4000	Sales Income		114,456
4100	Interest Income
4200	Finance Charge Income
4300	Other Income
4900	Sales Discounts
5000	Cost of Goods Sold	80,119
6000	Salaries Expense	19,760
6100	Payroll Tax Expense	2,766
6150	Bad Debt Expense	1,391
6300	Rent Expense
6400	Utilities Expense	3,472
6450	Office Supplies Expense	2,251
6500	Telephone Expense	3,954
6800	Freight Expense
6850	Service Charge Expense	38
6860	Interest Expense
6900	Purchase Disc-Expense Items	149
7050	Depreciation Expense	22,477