The information provided in this test allows you to set up the Cieneral, Payables and Receivables ledgers for an Ontario company named CHRIS'S WELDING owned and run by Chris George, amaster welder. He performs all kinds of welding jobs for individuals as welf as companies. Goorge has contracted you to set up his company to use Sage 50 Accounting for general ledger, accouints receivable and accounts paysble. DO EACH OF THE FOLLOWING TASKS IN ORDER. 1. Using Sage 50 Accounting, create a new company file using the following information: Company Name: NOTE: Be sure to include your name as part of the company name so the reports you print and hand in to Chris's Welding - (Your Name) your instructor will be properly identified, 33 Maple St. Windsor, Ortario N9S 486 (519) 653-8383 07-01-2022 Address: Fax: (519) 653-7700 Phone: Fiscal start: Earliest transaction date:07-01-2022 Fiscal end: 12-31-2022 Select: Let me build the list of accounts myself after the company is created Industry: Store company files in a new folder named CHRIS and use CHRIS as the file name. Select: I will update my tax information myself Service 2. Working from the Company module window, change default settings if necessary to include the following: Use Accounting Terms Automatically save changes to Suppliers, Clients and Other Records Show list buttons Tun off Checklists and Daily Business Manager at startup and after changing session date Turn off Employee & Payroll, Inventory & Services, Project and Time & Billing Turn on Change Session Date at startup Turn on confirmation message Box Business No: 342 121 190 Do not allow transactions dated before 07-01-2022 Do not allow transactions in future Backup frequency: Weekly; turn off automatic backups Company does not use quotes, orders, packing slips and project Company does business in French and English Next Client & Sales Invoice number: 121 User Preferences Options User Preferences View User Preferences Transaction Company Information Settings Company System Settings Company Backup Settings Company Features Settings Company Forms Settings Next Receipts number: 297 Month, day, year. Use long date format on the screen and in reports Company Date Format Settings 3. Create accounts to match the following Chart of Accounts. Edit the current earnings account. Account types are shown in brackets beside the account. (A) - Subgroup (S) - Subgroup total (H) = Heading (T)- Total (X)-Current Earnings All other accounts (unmarked) are Group accounts. CHRIS'S WELDING Chart of Accounts 5000 EXPENSES (H) 5020 Advertising 5030 Bank and Credit Card Fees 1000 CURRENT ASSETS (H) 1050 Test Balance 1080 Bank: Chequing Account 1100 Bank: Credit Card 1200 Accounts Receivable 1290 Welding Supplies 1390 TOTAL CURRENT ASSETS (T) 5040 Cleaning and Maintenance 5060 Hydro Expense 5220 Insurance Expense 5240 Interest Expense 5260 Telephone Expense 5270 Payroll Service Fees 5280 Welding Supplies Used 5590 TOTAL EXPENSES (T) 1400 CAPITAL ASSETS (H) 1420 Torches 1450 Computers 1480 Other Welding Equipment 1500 Vehicle 1550 Shop 1590 TOTAL CAPITAL ASSETS (T) 2000 CURRENT LIABILITIES (H) 2100 Bank Loan 2200 Accounts Payable 2250 Credit Card Payable 2650 HST Charged on Services (A) 2670 HST Paid on Purchases (A) 2750 HST Owing (Refund) (S) 2790 TOTAL CURRENT LIABILITIES (T) 2800 LONG TERM LIABILITIES (H) 2850 Mortgage Payable 2890 TOTAL LONG TERM LIABILITIES (T) 3000 EQUITY (H) 3560 Chris George, Capital 3600 Net Income (X) 3690 TOTAL OWNERS' EQUITY (T) 4000 REVENUE (H) 4020 Revenue from Services 4100 Sales Allowances 4200 Sales Discounts 4390 TOTAL REVENUE (T) 4. Add account balances from the following Trial Balance: CHRIS'S WELDING Post-Closing Trial Balance July 1, 2022 1080 Bank: Chequing Account 1100 Bank: Credit Card 1200 Accounts Receivable 1290 Welding Supplies 1420 Welding Torches 1450 Computer 1480 Other Welding Equipment 1500 Vehicle 1550 Shop 2100 Bank Loan 2200 Accounts Payable 2250 Credit Card Payable 2650 HST Charged on Services 2670 HST Paid on Purchases 2850 Mortgage Payable 3560 Chris George, Capital $12 150 200 5 000 900 3 800 I 500 4 200 9 000 150 000 $6 000 I 600 I 100 950 750 99 000 78 850 S187 500 S187.500 Hint: Remember to use account 1050 Test Balance for out of balance amounts. 5. Change Account Classes: Bank: Chequing Account: Change the account class to Bank and enter 201 as the next cheque number. Bank: Credit Card: Change the account class to Credit Card Receivable. Credit Card Payable: Change the account class to Credit Card Payable. Expense Group accounts: Change the account class to Expense. 6. Set up credit cards as follows: Credit Cards Accepted: Credit Card Name: Chargit Currency CAD Linked Asset Account 1100 Discount Fees: 3% Linked Expense Account: 5030 Credit Card name: Chargit Linked Payable Account: 2250 Linked Expense Account: 5030 Credit Cards Used: 7. Enter Sales Taxes and Tax Codes (do not enter accounts to track PST) Not Exempt, Not Taxable, Use 2670 to track tax paid on expenses Use 2650 to track taxes charged on revenues, Report on taxes Tax HST, Taxable, Rate 13%, Not included, Refundable Tax HST, Taxable, Rate 13%, Included, Refundable Tax - HST: Code - H: Code - HI: Enter Ledger Settings: General (Accounts): - Linked Accounts Allow account classes to change. Budgeting should be turmed off Retained Earnings 3560 Current Earnings 3600 Windsor, Ontario, Canada Aging periods: 30, 60 and 90 days Calculate all discounts after tas for one time suppliers Principal Bank Account 1080 Accounts Payable 2200 Freight Expense and Early Payment Purchase Discount: leave blank Prepayments and Prepaid Orders 2200 Windsor, Ontario, Canada Aging periods: 5, 15 and 30 days; No interest charges on overdue accounts; Include invoices paid in last 30 days; Use tax code H as default for new customers Terms: 2% discount in 5 days (after tax), net in 15 days Line discounts not used On sales invoices: "Where fire meets steel." Principal Bank Account 1080 Accounts Receivable 1200 Default Revenue 4020 Freight Revenue: leave blank Early Payment Sales Discount 4200 Deposits and Prepaid Orders 1200 Payables: Address - Options - Linked Accounts Receivables: Address -Options - Discounts - Comment - Linked accounts: 8. Create the following supplier accounts. Add the historical information provided. Name (Contact), Address Bell Canada Phone/Fax Tel: (905) 310-5221 Terms, Tax, Account Terms: net 10 Tax Code: HI 339 Jupiter Ave., Toronto, ON N4S 6T3 Web: www.bell.ca Expense Account: 5260 Telephone Expense Supplier since: 12/01/2005 Tel: (902) 821-8186 Receiver General for Canada (Margot Taxit) Summerside Tax Centre, Summerside PE CIN 6L2 Web: www.cra-arc.gc.ca Supplier since: 12/01/2005 Terms: net I Tax Code: No tax (t xempt- yes) Tel: (226) 593-7191 Fax: (226) 593-1772 Terms: net 20 Tax Code: H Welding Monthly (Leo Libra) 29 Taurus Lane, London, ON N4V 2V7 Tax ID: 493 421 289 E-mail: look.up@weld.com Supplier since: 06/12/2006 Expense Account: 5020 Advertising Tel: (519) 592-6282 Fax: (519) 592-8164 Terms: net 30 Welds 'r Us (Vulcan Sidekick) 81 Aquarian Way, Chatham, On N3T 2C9 Tax ID: 563 327 766 E-mail: weldall@welds.com Supplier since: 01/15/2008 Tax Code: H Expense Account: 1480 Other Welding Equipme Historical Supplier Invoices and Payments Name Bell Canada Terms net 10 Date Jun 28/22 Invoice/Cha BC-55112 Amount S 150 Welding Monthly net 20 Jun 21/22 WM-611 $450 Jun 12/22 Jun 19/22 Jun 28/22 S1 100 -500 Welds 'r Us net 30 WU-4229 Chq 195 WU-5I 10 Balance Owing net 30 400 SI 000 Grand Total S1 600 9. Create the following customer accounts with historical information. The credit limit for all customers is $5 000. The terms for all customers are 2/5, n/15. The tax code for all customers is H. If information is not provided, leave fields blank. Name (Contact), Address Wacky Welding (Major Stickit) 45 Dunnit St., Wallaceburg, ON RIE 6T3 E-mail: the major@wacky.com Web site: www.wacky.com Customer since: 01/01/2006 Phone/Fax Tel: (519) 591-7722 Fax: (519) 591-9112 Revenue Account 4020 Revenue for Services Tel: (519) 592-9001 Fax: (519) 592-9991 4020 Revenue for Services Noya Welding (Bill Ing) 110 Oxygen St., Windsor, ON N8T 9A1 E-mail: bing@interface.ca Customer since: 09/16/2008 Tel: (519) 762-6712 4020 Revenue for Services Flamer's Steel (Clare Flame) 10A Readers Den, Woodstock, ON N3H 7D3 Web site: www.flamers.com Customer since: 11/06/2007 Historical Supplier Invoices and Payments Invoice/Chq Date Jun 22/22 Jun 23/22 Balance owing (Grand Total) Amount $5 500 -500 S5 000 Terms Name Wacky Welding 2/5, n/15 108 Chq 212 10. Change the View menu settings. Payroll Inventory Project Hide the unused modules: Turn off To-Do Lists and Checklists. 11. Back up your files in your data folder. Continue with the working copy of your data files, Welding.SAI. Finish entering the history. When you have finished entering the history, enter the transactions that follow. Change the session date to July 8, 2022. Create shortcuts or change modules and enter the following transactions. 12. NOTE: Deposits and withdrawals, except credit card transactions, use Bank: Chequing Account. Dated July 2, 2022 Credit Card Purchase Invoice WM-639 From Welding Monthly, $460, plus $59.80 HST for print advertising. Purchase invoice total $519.80. Charge to Advertising expense, Paid by Chargit. Dated July 4, 2022 Sales Invoice #121 To Noya Welding. $900 plus $117 HST for welding beams for a wedding party. Invoice total, S1017. Terms 2/5, net 15. Dated July 5, 2022 Payment Cheque #201 To Bell Canada, $150 in full payment of account. Reference invoice #BC-55112. Dated July 6, 2022 Cash Receipt #297 From Wacky Welding, cheque #239 for $1,600 in partial payment of account. Reference invoice #108. Sales Invoice #122 Dated July 6, 2022 To Flamer's Steel, for 5 hours of welding on steel girders, $500 plus $65 HST. Invoice total $565. Terms 2/5, net 15. Credit Card Sales Invoice #123 Dated July 7, 2022 Sales Summary: To One-time walk-in welding customers, $360 for various types of welding jobs, plus $46.80 HST. Invoice total $406.80. The customers paid with Chargit credit cards. Memo #1 Dated July 7, 2022 Welding supplies used during the past weck amounted to $24. Adjust welding supplies account and charge to Welding supplies used expense account. Store as weekly recurring entry. Dated July 8, 2022 Bank Memo # PB-77225 From Paylo Bank, S1,600 for NSF cheque from Wacky Welding. Reference invoice #108 and cheque # 239. The company has been notified of the unpaid account. Memo #2 Adjust Sales lInvoice 122 to Flamer's Steel. Flamer's Steel will be using our services on a weekly basis so their rate will be reduced. The amount billed should be reduced to $400 plus $52 HST. Store the sales invoice as a weekly recurring transaction. Dated July 8, 2022 Memo #3 Chris's welding tank exploded when a eustomer accidentally dropped it. Write off the welding tool equipment recorded in account 1480 valued at $750. Create new Group expense account 5100 Damaged Tools. Dated July 8, 2022 Bank Debit Memo PB-77386 From Payblo Bank, pre-authorized bi-weekly payroll for employees. Wages and payroll expenses Payroll services fee HST paid on payroll services Total withdrawal Dated July 8, 2022 $6,000.00 80.00 10.40 $6,090.40 Create new Group expense account 5265 Wage and Payroll Expenses Change the session date to July 15, 2022. Enter the following transactions: Cash Receipt #298 From Noya Welding, cheque # 431 for $996.66 in payment of account, including 2% discount for prompt payment. Reference invoice #121. Dated July 9, 2022 Cheque Purchase Invoice #CP-2990 From Crystal Products, Inc. (use Quick Add for new supplier), $900 plus $117 HST for one welding tank to replace the destroyed tank. Invoice total $1 O17 paid by cheque #202. Dated July 10, 2022 Purchase Invoice #WU-5331 Dated July 11, 2022 From Welds 'r Us, $600 plus $78 HST, for one arc welding torch kit. Invoice total S678. Terms net 3 Cash Receipt #299 From Wacky Welding, certified cheque #WW-44239 for $1 600 to replace NSF cheque. Reference invoice #108 and Bank Memo # PB-77225. Dated July 11, 2022 Dated July 13, 2022 Sales Invoice #124 To Wacky Welding, $900 for steel welding and consultations, plus $117 HST. Invoice total $1 017 Change the customer's terms to net 15 for this invoice and in the customer ledger. Sales Invoice #125 To Flamer's Steel, $400 plus $52 HST for 5 hours of arc welding. Invoice total $452. Terms 2/5,1 15. Recall stored entry. (Accept message) Dated July 13, 2022 Credit Card Sales Invoice #126 Dated July 13, 2022 To One-time customers, 150 minutes @ $1.00 each HST Charged Total amount paid by Chargit 150.00 total 19.50 $169.50 Cash Sales Invoice 127 Sales Summary: To One-time walk-in clients, $380 for various types of welding jobs, plus $49.40 HST. Invoice total S429.40. Paid by Cash. Dated July 14, 2022 Memo #5 Welding supplies used in the past week amounted to $24. Adjust welding supplies account and charge to welding supplies used expense account. Recall stored entry. Dated July 14, 2022 Bank Memo # PB-82771 From Paylo Bank, S1 500 for regular monthly mortgage payment. This amount includes interest of SI 200 and $300 in principal. Dated July 15, 2022 13. Print and assemble the following reports in the order indicated and hand in to your instruct tor: Note: Make sure your name appears as part of the company name at the top of each report. 1. Journal Entries for all jourals from July I to July 15, 2022 Show corrections. 2. Comparative Balance Sheet (with percent difference) at July 1, 2022 and July 15, 2022 3. Income Statement from July 1 to July 15, 2022 4. Supplier Aged Summary Report 5. Customer Aged Summary Report