Make appropriate journal entry for each using Sage 300 ERP.

Sage 300 ERP - General Ledger

You have just started working for Sample Company Limited and your new boss has asked you to help

him prepare the accodnting records for the upcoming visit of the Internal Auditor.

Ope4 Sage 300 and log into Sample Company Limited" Allyour entries should be dated June 30, 2020.

Yourfirst entry should be in batch 000196 - if not, you do not have clean data or you may bg in the

htfong company.

All amounts are Canadian $ (CAD.)

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1 . He tells you that a Management Fee Expense of $ 1,000,000 for the parent company should be

accrued and that account number 2010 "Accts payable, intercompany" should be credited.

He advises that there is no account for Management Fee Expense so you will have to create it. He

says to use Account Number 7300 and to use Account Group

Make the appropriate journal entry.

The Depreciation entry for June has not been made so you are to make the same entry as May -

use the same amounts and the same accounts as used in May.

(Review the Amortization/Deprecialion Expense and Acc. Amortization/Depr. accounts to find

the amounts of the May entries.)

Make the appropriate journal entry.

He also tells you that the balance in lhe Prepaid Insurance account should be zero - the insurance

expired at June 30.

Make the appropriate journal entry.

You are to accrue $ 50,000 of Miscellaneous income for the Commercial Division. This

represents the value of Consulting work done for a new customer. The customer will not be billed

until July 31 so this amount can be reversed on July 1,2020.

You discover that there is no account called "Accounts Receivable - Accrued" so you decide to

create it. Use account number 1118.

Make the appropriate journal entry.

Save and Close this Batch. Do NOT POST it yet.

Enter the following transactions in a new batch - it should be number 000197

"Traveling expenses" of $ 51000 and "Promotion and entertainment" $ 15,000 should be

accrued, This amount represents an estimate of the amount of expenses that have been incurred in

June but that will not be invoiced until July.

You discover that there is no account called "Accounts Payable - Accrued" so you decide to

create it. Use account utmber 2022.

Make the appropriate journal entry.

You are to write off the small balances in the "Cost Variance," "Labor Burden" and "Overhead

Allocated" accounts.

These costs relate to the costs incurred by the employees who pack and ship the furniture to

customers.

(Labor Burden is a term used by some companies to refer to the direct benefits type costs such as

vacation pay, WCB, EI and CPP that an employer incurs when wages are paid.)

(Write off means make the account balance zero - you have to decide which account to write

them off to. Hint: think of your cost accounting.)

Make the appropriate journal entry.

3 . The Allowance for Doubtful Accts should be increased from $90,000 to $ 140,000.

Make the appropriate journal entry.

4. You are to transfer the balance in the "Suspense" account to the "lnvestments, short term"

account.

Make the appropriate journal entry.

DO NOT POST BATCH #195

POST BATCH # 196 AND 197 WHICH YOU HAVE CREATED