MONTH-END PROCEDURES There are two methods by which you can access the General Journal in Sage 50. You can use the menu: Tasks > General Journal Entry or you can go through the Navigation window and click on Banking. Either method will pull up the General Journal window. 1. Calculate monthly accrued interest expense for the installment note to Ford Credit (based on 365 days per year and interest starting to accrue on December 17, 20XX). Make the appropriate adjusting entry. The payable is posted to Other Accrued Expenses Payable. 2. For your convenience, depreciation in the amount of $105,341.50 has been calculated on all assets for the month of December except for the Ford Pickup. Calculate the depreciation for the truck and add that amount to the 0 G H CAST: General Ledger Applications $105,341.50 to determine the total depreciation expense for December Record the appropriate adjusting entry in the General Journal 3. The monthly bank statement indicates bank charges of $30, a returned check from Alota Wine Distributors in the amount of $19,475.26, and a check printing fee of $60. Record this in the General Journal B N 16 Purchase a 20XW Ford truck for $26,540.00. $4,540.00 down payment and a 3-year, 6% promissory note to Ford Credit for the remaining $22,000.00. Principal and interest on the note are due monthly beginning January 4, 20XY. The company expects the truck to have a useful life of 5 years and no salvage value. Prepare Check No. 19257 payable to Potter Valley Ford for the down payment. Columu americana authorized a $50,000 MONTH-END PROCEDURES There are two methods by which you can access the General Journal in Sage 50. You can use the menu: Tasks > General Journal Entry or you can go through the Navigation window and click on Banking. Either method will pull up the General Journal window. 1. Calculate monthly accrued interest expense for the installment note to Ford Credit (based on 365 days per year and interest starting to accrue on December 17, 20XX). Make the appropriate adjusting entry. The payable is posted to Other Accrued Expenses Payable. 2. For your convenience, depreciation in the amount of $105,341.50 has been calculated on all assets for the month of December except for the Ford Pickup. Calculate the depreciation for the truck and add that amount to the 0 G H CAST: General Ledger Applications $105,341.50 to determine the total depreciation expense for December Record the appropriate adjusting entry in the General Journal 3. The monthly bank statement indicates bank charges of $30, a returned check from Alota Wine Distributors in the amount of $19,475.26, and a check printing fee of $60. Record this in the General Journal B N 16 Purchase a 20XW Ford truck for $26,540.00. $4,540.00 down payment and a 3-year, 6% promissory note to Ford Credit for the remaining $22,000.00. Principal and interest on the note are due monthly beginning January 4, 20XY. The company expects the truck to have a useful life of 5 years and no salvage value. Prepare Check No. 19257 payable to Potter Valley Ford for the down payment. Columu americana authorized a $50,000
