I) Answer the following questions briefly 1) Describe briefly how the HST remittance is calculated.

2) How many tool bar icons do you know in the Enhanced view of home window in SAGE 50 Accounting? Describe them.

3) How do you record a seniors discount?

4) Describe the procedures to be taken to convert a Sales Quote into a Sales Order.

5) Give the journal entry for a merchandise purchase return of $300.00. plus HST of $39.00

II) Choose the best answer for the following questions

1) The firms year-end is on December 31, 2024. You received on January 22, 2024 a bank debit memo dated January 20,2024, for service charges on the bank account

a) The session date should be January 22,2024

b) The session date Should be January 20,2024

c) The transaction date should be January 20,2024

d) a and c are correct

2) Which of the following business events does not need a negative amount to record the transaction?

a) A retail sale invoice for a pair of sunglasses was issued for $200.00 plus tax and should have been issued for the correct amount of $150.00 plus tax b) Write off a customer balance due to the bankruptcy of the customer

c) Record a sale with HST to a customer

d) Record the return of an unopened USB drive by a customer

3) A non-merchandise transaction such as utilities, drawings, supplies etc

a) Entered in a purchase Journal, if it will paid later just as any other purchases

b) Entered in the Payments Journal, if it is paid when you get the bill/invoice

c) A vendor sub ledger should be created for each non-merchandise supplier

d) All of the above

4) What type of journals and transactions are used in the Receivables Module?

a) Sales of Merchandise or services transactions & Sales Journal

b) Purchases of merchandises, non-merchandise & services transactions

c) Payment Journal only d) General Journal only

5) Purchase and Payment to a one-time vendor can be entered

a) In Purchase invoices Journal and select Cheque option

b) In Payment Journal and select Make Other Payment Option

c) In Receipt Journal Pay expenses Icon- Make other payment option

d) a and b correct III) Answer the following questions by stating whether they are True or False

1) An income statement may not be displayed/printed for only 1 day, a month at a time, or a time period that can be several months or parts of a month etc.

2) If there is an error before posting, one way to correct an entry should be to highlight the wrong entry item in the GJ window and type the correct information.

3) A form sent to a customer indicating the price of products or services requested by the customer is called Sales Orders.

4) When recording a return of inventory in Receivables module you record it in a Sales Invoice Journal.

5) If a customer wants to pay an outstanding invoice by credit card you use Payments Journal to record the entry.

6) A deposit (prepayment by the customer) of a customer is recorded in a Sales Order Journal.

7) The HST Charged on Sales or GST Charged on Sales is entered as a Contra Liability when the entry is recorded.

8) A purchase order can be entered without a purchase quote being recorded.

9) Once a cheque is posted in a payments journal, there is no possibility to adjust or reverse the Cheque.

10) Bank Charge entries would be entered in the GL and would not affect the Vendor Ledger because it does not concern any vendor and a cheque is not affected.