Answered step by step
Verified Expert Solution
Question
1 Approved Answer
These are questions in Sage 50, Computerized Accounting subject. Questions 1. What information does the Dashboard window provide? How do you close this window? 2.
These are questions in Sage 50, Computerized Accounting subject.
Questions 1. What information does the Dashboard window provide? How do you close this window? 2. How can you recognize that a Sage 50 file is a backup file? 3. Suppose for the company Bihn's Bins, you had the following transaction: Purchase Invoice \#DE-67113 Dated May 7, 2023 From Devon Equipment Co., $600 plus $15 GST for renting a demolition chute that slides debris directly into a garbage bin. Invoice total $630. Terms: net 30 days. After posting the above transaction, you realize that you captured it as an asset, in account 1560 Dumpsters, so it should be charged to the dumpster rental expense account, account 5120 . What would be the correct journal entry for this transaction and which function would you use to update the transaction in Sage? Why is it important to make the correction? (Provide two reasons for the importance of making the correction.) 4. What is a session date? How does it affect journal entries? Why is it important? 5. Why is it important to add non-postable accounts to your Chart of Accounts? Are they required? 6. A friend who has extensive experience using Sage 50 advised the treasurer for Love It Again to number the accounts with gaps between successive accounts (1000, 1020, 1040, 1060, etc.). Explain why this system may be helpful and what the starting number of each series identifies. 7. After posting a payment for an invoice and preparing the cheque, you discover that you forgot to take the early payment discount that you were entitled to take. What corrections would be needed, if any, for the following situation? You posted the journal entry and generated the cheque from within Sage 50 for the undiscounted amount and sent the cheque to the supplier. If you did not make any corrections, how would your accounts and reports be affected? [3] 8. How do you create shortcuts in Sage 50 ? When would you create shortcuts and why would you want to do so? [1] 9. The credit limit information in Sage 50 can be very helpful. However, if credit limits are too low, you will see frequent warnings that the sale will cause a customer to exceed the credit limit, and the warnings will probably be ignored. If they are too high, they are also useless. Discuss an optimum strategy for setting up customer credit limits so that the program warnings will be helpful. [2] 10. How is a sale paid by cheque different from a sale that is paid later? [1] 11. What linked accounts are required for credit cards? What purpose do these accounts serve? 12. If the GST rate increased from 5 percent to 6 percent, how would you modify the data file so that the correct amounts were charged for sales and purchases? Do you need to change the tax settings for all customers and suppliers individually? Why or why not? [2] 13. Binh Than (Binh's Bins Chapter 3) used only the General Ledger and the General Journal to enter accounting transactions, but he would like to be able to create tax report through the program. What changes must he make to his company data file to use this feature? Will he be required to set up the Receivables and Payables ledger first? Why, or why notStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started