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Computerized Accounting with Sage 50 2016 COMPREHENSIVE PROBLEM ONE Chapters 1 through 7 Tracy Madding is an attorney opening her own office on March 1, 2016. She operates her business as a sole proprietorship. The office is located at 1345 Main Street, Lodi, CA 95240. The owner of the building, Apex Business Management, signed Tracy to a oneyear lease for $800 per month. The IRS issued her an employer identification number of 156789545. Tracy called the local telephone company, Pacific Bell, and arranged for two lines: telephone 2095559899; fax 2095553211. Tracy spoke with an accountant, and together they decided that Tracy should use the accrual method of accounting because she may, in the future, give credit terms to her clients. Tracy's business will use real time posting, an accounting period of 12 months, and a fiscal year beginning January 2016. ACTIVITIES FOR MARCH 2016 1. 2. Set up the company with the name of Tracy Madding, AttorneyatLaw (Your Last Name). Create a chart of accounts using the information below: Assets: Account ID 101 Description Cash Account Type Cash 104 Accounts Receivable Accounts Receivable 106 Office Supplies Other Current Assets 108 Prepaid Insurance Other Current Assets 110 Prepaid Rent Other Current Assets 115 Computer Equipment Fixed Assets Accum. Depr.Computer Eq. Accumulated Depreciation Law Library Fixed Assets Accum. Depr.Law Library Accumulated Depreciation Furniture & Fixtures Fixed Assets 115.5 120 120.5 125 125.5 Accum. Depr.Furniture & Fxt. Accumulated Depreciation Liabilities: Account ID 211 Description Accounts Payable Account Type Accounts Payable 213 Notes Payable Other Current Liabilities 215 Unearned Revenue Other Current Liabilities 217 Salaries Payable Other Current Liabilities Owner's Equity: Account ID 311 Description Tracy Madding, Capital Account Type Equity-doesn't close 312 Tracy Madding, Retained Earn. Equity-Retained Earnings 313 Tracy Madding, Drawing Equity-gets closed Description Consulting Fees Account Type Income Court Fees Income Description Salaries Expense Account Type Expenses 512 Rent Expense Expenses 514 Utilities Expense Expenses 516 Telephone Expense Expenses 518 Paraprofessional Fees Expense Expenses 520 Advertising/Printing Expenses 522 Equipment Rental Expenses 524 License Fees Expenses 526 Office Supplies Expense Expenses 528 Depr. Exp.Computer Eq. Expenses 529 Depr. Exp.Law Library Expenses 530 Depr. Exp.Furniture & Fxt. Expenses 532 Miscellaneous Expense Expenses 534 Maintenance Expense Expenses 536 Insurance Expense Expenses Revenue: Account ID 410 412 Expenses: Account ID 510 3. Change the accounting period to March 1, 2016 and begin posting all transactions described below to the appropriate accounts. Create any needed accounts that are not currently in the chart of accounts. Also, create vendor and customer accounts as needed. Terms for both vendor and customer accounts are net 30 days with no discount. TRANSACTIONS FOR MARCH 2016 Mar. 1 Tracy invested $50,000 cash, a law library valued at $25,000, and office furniture valued at $20,000 into her business. Paid a business license fee of $250 to the City of Lodi, 234 West Main Street, Lodi, CA 95240, Vendor ID 001. Use check number 001. Purchased a $10,000 computer system (Invoice 39987) paying $5,000 down (check number 002) and financing the balance with Circuit City of Modesto, 2115 Main Street, Modesto, CA 95355. Use Vendor ID 002. Paid the March office rent of $800 (Rent Expense) and a security deposit of $1,200 (Prepaid Rent) to Apex Business Management, 1234 River Road, Lodi, CA 95240. Use Vendor ID 003, check number 003. Paid insurance for the year of $3,600, one year in advance, to Forbes Casualty, 3667 Woodside Drive, Lodi, CA 95240, check 004. Use Vendor ID 004. Mar. 4 Paid for Yellow Page ad of $450, check 005, to Pacific Bell, 45 West Lane, Lodi, CA 95240, Vendor ID 005. Paid $340 for office supplies, check 006, to Target, 13 North Highland Ave., Stockton, CA 95210, Vendor ID 006. Received a $12,000 consulting fee from Michelle Anzures, 2334 Handle Ave., Lodi, CA 95240. Use Customer ID 100, reference 2364. Mar. 7 Paid $250 to Richard Martinez to have carpets cleaned (Maintenance Expense), check 007. Provided consulting services to John Nance, 2112 Glen View Road, Stockton, CA 95210. Charged the customer $400 on account and used Customer ID 101, Invoice 200. Represented new client David Henry, 356 Boston Way, Modesto, CA 95355, in court charging a $5,000 consulting fee and $125 per hour for the 2 hours of court time, on account, Invoice 201. Use Customer ID 102 and change the credit limit to $10,000. Mar. 10 Paid $1,200 for office supplies from Circuit City, check 008. Paid $125 for a subscription, check 009, to the Law Review, 2936 Madison Ave., New York, NY 02663, Vendor ID 007. Create the account for the expense: Professional Publication, Account ID 538. Paid $2,500 for Invoice 39987 to Circuit City, check 010. Received $2,500 from David Henry on account, reference 2636. Mar. 15 Paid the paraprofessional's fee of $1,450 to Janice Smith, 64 Black St., Lodi, CA 95240, Vendor ID 008, check 011. Consulted with Michelle Anzures charging $250, Invoice 202. Tracy Madding took a cash draw of $1,500, check 012. Mar. 18 Leased a postage machine, paying $250 for the initial fee (check 013), from Pitney Bowes, 1112 Mission Blvd., San Francisco, CA 94112. Use Vendor ID 009. Billed $450 for consulting services to Henry James, 3467 Natural Rock Drive, Ceres, CA 95223. Use Customer ID 103, Invoice 203. Mar. 25 Henry James paid $225 on account, reference 360. Leased a copy machine for $225 per month from Xerox Copy Machines, 2332 Pacific Avenue, Stockton, CA 95210, paying 3 months in advance (check 014). Establish a new account for Prepaid Copier Expense, Account ID 109. Use Vendor ID 010. (Remember that a prepaid expense is an asset account.) Received the balance from David Henry on account, reference 611. Paid The Valley Register, 67 Forrest Glen Road, Modesto, CA 95352, for a newspaper ad, $600. Use Vendor ID 011 and check 015. Performed $1,050 worth of consulting services for Jim Nelson, 2123 Woodward Lane, Lodi, CA 95240, Customer ID 104, receiving half the balance (reference 1820) immediately and placing the remainder of the balance on account, Invoice 204. Mar. 31 Paid the City of Lodi for the water bill of $45, issuing check 016. Use Utilities Expense. Paid MID, 2334 March Lane, Modesto, CA 95355, for the utility bill of $57, issuing check 017. Use Vendor ID 012. Paid Pacific Bell for the monthly telephone bill of $125, issuing check 018. Received a postage bill of $27.50 from Pitney Bowes, issuing check 019. Establish a new account for Postage Expense, Account ID 540. 4. 5. 6. 7. 8. Print a general ledger trial balance as of March 31, 2016. Enter the following adjusting entries as of March 31, 2016: a. Office supplies on hand, $1,086. b. Salaries accrued, $1,450. c. Depreciation on computer equipment, $200. d. Depreciation on law library, $150. e. Depreciation on furniture and fixtures, $125. f. One month of insurance expired. g. One month of prepaid copier expense expired. Use Equipment Rental as the expense account. Prepare an income statement for the month of March 2016. Prepare a balance sheet as of March 31, 2016. Print the journal entries for the month of March. ACTIVITIES FOR APRIL 2016 1. 2. Change the accounting period to April. Post all transactions described below to the appropriate accounts. Create any needed accounts that are not currently in the chart of accounts. Also, create vendor and customer accounts as needed. TRANSACTIONS FOR APRIL 2016 Apr. 1 Paid accrued salary from the March 31 adjusting entry, issuing check 020. Pay to the order of Jim Bowen. Hint: Debit Salaries Payable. Earned $1,890 on account for consulting services rendered to Jennifer Cullum, 345 South Fork Drive, Modesto, CA 95357. Use Customer ID 105 and Invoice 205. Paid the office rent for April, check 021. Apr. 4 Collected the balance due from Jim Nelson, reference 2651. Paid Office Depot for repairs to office furniture (Maintenance Expense), $250, check 022. Purchased $250 of office supplies from Tracy Business Supply, 25 West 10th St., Tracy, CA 95376. Use Vendor ID 013 and check 023. Apr. 6 Received $890 of the balance due from Jennifer Cullum, reference 6223. Earned 3 hours in court fees on account at the rate of $135 per hour from Michelle Anzures, Invoice 206. Received and paid the $125 postage machine lease bill (Equipment Rental) from Pitney Bowes, check 024. Apr. 12 Received the balance due from Jennifer Cullum, reference 6255. Apr. 15 Paid the paraprofessional's fee of $1,450 to Lucy Henderson, issuing check 025. Received $2,500 for consulting services from Heather Cady, 543 North Hass Blvd., Manteca, CA 95337. Use Customer ID 106 and reference 925. Apr. 20 Earned $450 in consulting fees on account from Heather Cady, Invoice 207. Apr. 23 Tracy Madding took a $1,200 cash draw, issuing check 026. Apr. 26 Paid MID $124 for the monthly utility bill, issuing check 027. Paid the City of Lodi $42 for the water bill, issuing check 028. Paid Pacific Bell for the telephone bill of $345, issuing check 029. Paid Pitney Bowes $29.25 for the postage due, issuing check 030. Apr. 30 3. 4. 5. 6. 7. 8. Arranged for a $1,345 newspaper ad campaign from The Valley Register, Invoice 1723. Print a general ledger trial balance as of April 30, 2016. Enter the following adjusting entries as of April 30, 2016: a. Office supplies on hand, $960. b. Salaries accrued, $1,450. c. Depreciation on computer equipment, $200. d. Depreciation on law library, $150. e. Depreciation on furniture and fixtures, $125. f. One month of insurance expired. g. One month of prepaid copier expense expired. Prepare an income statement for the month of April 2016. Prepare a balance sheet as of April 30, 2016. Print the journal entries for the month of April. Print the following reports for the period of March 1, 2016 to April 30, 2016: a. Vendor Ledgers b. Customer Ledgers