question:
Challenge Exercise 03 C3B-1, Network PAYABLES, INVENTORY & SERVICES and COMPANY Modules 1 > Refer to Exercise 1-1b to unzip the 03 C3B-1 Network.exe file. 2 > Open the 03 C3B-1 Network file and enter PAYABLES transactions, for Mar, for a company that sells various computer parts. Apply HST of 13% when needed. Network Company does not print cheques. The business is open every day. You worked on March 5, 12, 19, 26 and March 31. 3 > Record and Post the following transactions: Mar 2 Ordered on PO# 651, 28 Ethernet network cards for $75.00 each, plus HST, from PC Cards Company. Shipping date to be Mar 12. Terms 2/10, net 30 days. PO total $2,373.00. Mar 3 A $300.00 cheque is issued to Umax Cables as a prepayment for a special order of 80 RJ45 cables at $21.50 each, plus HST. Total cost $1,720.00, plus HST. Issue next PO. These cables are required by Mar 28. Terms are 2/10, net 30. Mar 9 Purchased from new vendor, Your Last Name (sumame) Supplies, various store supplies for $145.00, plus HST. Goods arrived and were stored. Invoice #8261, terms 2/10, net 30, calculate discounts before tax. The default Expense Account field in the Vendor Setup, Options tab window, can be an Asset or other account type. Select an appropriate account for this field. Mar 10 Next cheque issued to J.D. Long for 2 Network Hubs at $40.50 each, plus HST, invoice #10005 received. Mar 12 Received 28 Ethernet network cards from PC Cards Company ordered on PO# 651. Invoice #6638 was received totalling $2,373.00. Terms 2/10, net 30 days. Mar 15 Issued cheque to the Receiver General for the HST owing at the end of February. Note that the Trial Balance HST amounts at February month-end are correct. Mar 16 Returned 1 Ethernet network card to PC Cards Company because it is damaged. PC Cards accepted the return with a credit note 6638RT. Mar 19 Issued cheque to Your Last Name (surname) Supplies, for invoice #8261. Mar 22 Issued cheque to PC Cards Company as payment in full for invoice #6638, after return. Mar 28 80 RJ45 cables arrived with invoice #8964 from Umax Cables Company (P.O. #652). Each cable cost $21.50, plus HST. Terms on the order are 2%10, net 30. Mar 30 Bank statement as of March 29 arrived with debit note that the bank charge for the period ending March 29 is $19.35. No HST. 4 > When you have recorded the above entries, print the following: Vendor Aged Detail all vendors with terms at Mar 31 All Journal Entries for the monthly activity with v. Show Corrections. C) General Journal Entries for the monthly activity with v. Show Corrections. d) Purchase Journal Entries for March e) Payment Journal Entries for March Income Statement for the year to date 9) Cheque log for the month
