Transactions from mid May 2017 May 11 Purchased 7 units DK800 desktop computers from Big Telco at $1,100 each, Invoice No 793 May 11 Made a cash sale to Handys Electronics, Invoice No 3060 for the following items 5 units DK800 desktop computers for $1,700 each plus 5 sales tax 9 units Swish Phones for $1,600 each plus 5 sales tax Received Check No 639 for $24,045 from this customer May 12 Received a sales order from Turbo Tech, Sales Order No 7383 The following items are required to be shipped by May 23, 2017 7 units DK800 desktop computers at $1,700 each plus 5 sales tax 7 units Tony ZIO MLP projectors at $2,200 each, plus 5 sales tax May 15 Purchased 6 units Zii game consoles from Big Telco for a list price of $840 each, Invoice No 798 Issued Check No 4102 for the full payment of this purchase May 15 Issued Check No 4103 for $5,800 to pay Advanced Property Management for three month's worth of rent in advance May 17 Ordered 6 units Tony ZIO MLP projectors for $1,420 each, from Mega Tech, Purchase Order No 271 May 18 Sold merchandise on credit to Radio Hut, Invoice No 3061 The items sold were 7 units Swish Phones for $1,600 each plus 5 sales tax 7 units Zii game consoles for $1,300 each plus 5 sales tax May 20 Received 6 units Tony ZIO MLP projectors, Invoice No 759 These items were ordered from Mega Tech for $1,420 each, Purchase Order No 271 Once you have finished recording the above transactions using Sage 50, Rinaldo instructs you to prepare a bank deposit ticket for any check received during the middle of May so that he can take it to the bank this afternoon Rinaldo also asks you to print a more up to date trial balance that includes all transactions up until the end of yesterday (May 20, 2017) He wants to compare this trial balance to the one that you made for him earlier In particular, he is interested to know the impact of the Mid May transactions on the accounts of the business As usual, he will also ask you to answer several questions about Sage 50 Instructions Use Sage 50 to record all of the Mid May transactions for Intermaweb Computer in Sage 50 Note that For each check received by the business, the check number is to be recorded in the reference field of the Receive Money window When recording purchase invoices in the Purchases Receive Inventory window, you must enter the check number of each check issued (at the time of the purchase) in the Reference field of that window After all of the above transactions have been entered into Sage 50, use that software to create a bank deposit ticket as of May 21, 2017 (Deposit Ticket ID 2) and include all of the checks received during the middle of May into that deposit ticket Print the trial balance for Intermaweb Computer as of May 21, 2017 and transcribe your answers into the trial balance provided below Note that your printed trial balance must not include accounts with zero balances Answer all of the questions that Rinaldo asks you below Intermaweb Computer General Ledger Trial Balance As of May 21, 2017 Account ID Account Description Debit Amt Credit Amt 1020 Checking Account 1100 Accounts Receivable 1150 Allowance for Doubtful Account 1200 Inventory 1300 Office Supplies 1400 Prepaid Rent 1500 Property and Equipment 1900 Accum Depreciation Prop Eqt 2000 Accounts Payable 2310 Sales Tax Payable 2330 Federal Payroll Taxes Payable 2600 Short Term Debt 2700 Long Term Debt Noncurrent 3910 Retained Earnings 3930 Common Stock 4000 Sales Income 5000 Cost of Goods Sold 6000 Salaries Expense 6100 Payroll Tax Expense 6150 Bad Debt Expense 6400 Utilities Expense 6450 Office Supplies Expense 6500 Telephone Expense 6850 Service Charge Expense 6900 Purchase Disc Expense Items 7050 Depreciation Expense Total 0 0 After you have finished creating the required deposit ticket in Sage 50, Rinaldo asks you to perform the following steps to open the deposit ticket dated May 21, 2017 that you have previously created Then in the table below, record the running totals that are shown at the bottom of the Select for Deposit window 1 From the Navigation Bar, select the Banking navigation center 2 In the Banking Tasks section, click the Bank Deposits icon 3 Select the View and Edit Bank Deposits option from the drop down list that appears next to the Bank Deposits icon 4 In the Deposit List window, double click the deposit ticket dated May 21, 2017 Complete the equation below using the running totals that are presented in the Select for Deposit window that appears after the above steps are performed Total Cash Total Checks Total Other Total Deposit

The Answer is in the image, click to view ...

Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Aug 28, 2024

Transactions from mid May 2017 May 11 Purchased 7 units DK800 desktop computers from Big Telco at $1,100 each, Invoice No. 793. May 11 Made

Transactions from mid May 2017
May 11	Purchased 7 units DK800 desktop computers from Big Telco at $1,100 each, Invoice No. 793.
May 11	Made a cash sale to Handys Electronics, Invoice No. 3060 for the following items: 5 units DK800 desktop computers for $1,700 each plus 5% sales tax 9 units Swish Phones for $1,600 each plus 5% sales tax. Received Check No. 639 for $24,045 from this customer.
May 12	Received a sales order from Turbo Tech, Sales Order No. 7383. The following items are required to be shipped by May 23, 2017: 7 units DK800 desktop computers at $1,700 each plus 5% sales tax 7 units Tony ZIO MLP projectors at $2,200 each, plus 5% sales tax.
May 15	Purchased 6 units Zii game consoles from Big Telco for a list price of $840 each, Invoice No. 798. Issued Check No. 4102 for the full payment of this purchase.
May 15	Issued Check No. 4103 for $5,800 to pay Advanced Property Management for three month's worth of rent in advance.
May 17	Ordered 6 units Tony ZIO MLP projectors for $1,420 each, from Mega Tech, Purchase Order No. 271.
May 18	Sold merchandise on credit to Radio Hut, Invoice No. 3061. The items sold were: 7 units Swish Phones for $1,600 each plus 5% sales tax 7 units Zii game consoles for $1,300 each plus 5% sales tax.
May 20	Received 6 units Tony ZIO MLP projectors, Invoice No. 759. These items were ordered from Mega Tech for $1,420 each, Purchase Order No. 271.

Once you have finished recording the above transactions using Sage 50, Rinaldo instructs you to prepare a bank deposit ticket for any check received during the middle of May so that he can take it to the bank this afternoon.

Rinaldo also asks you to print a more up-to-date trial balance that includes all transactions up until the end of yesterday (May 20, 2017). He wants to compare this trial balance to the one that you made for him earlier. In particular, he is interested to know the impact of the Mid May transactions on the accounts of the business. As usual, he will also ask you to answer several questions about Sage 50.

Instructions

Use Sage 50 to record all of the Mid May transactions for Intermaweb Computer in Sage 50. Note that:
- For each check received by the business, the check number is to be recorded in the reference field of the Receive Money window.
- When recording purchase invoices in the Purchases/Receive Inventory window, you must enter the check number of each check issued (at the time of the purchase) in the Reference field of that window.
After all of the above transactions have been entered into Sage 50, use that software to create a bank deposit ticket as of May 21, 2017 (Deposit Ticket ID 2) and include all of the checks received during the middle of May into that deposit ticket.
Print the trial balance for Intermaweb Computer as of May 21, 2017 and transcribe your answers into the trial balance provided below. Note that your printed trial balance must not include accounts with zero balances.
Answer all of the questions that Rinaldo asks you below.

Intermaweb Computer
General Ledger Trial Balance
As of May 21, 2017

Account ID	Account Description	Debit Amt	Credit Amt
1020	Checking Account
1100	Accounts Receivable
1150	Allowance for Doubtful Account
1200	Inventory
1300	Office Supplies
1400	Prepaid Rent
1500	Property and Equipment
1900	Accum. Depreciation - Prop&Eqt
2000	Accounts Payable
2310	Sales Tax Payable
2330	Federal Payroll Taxes Payable
2600	Short Term Debt
2700	Long Term Debt-Noncurrent
3910	Retained Earnings
3930	Common Stock
4000	Sales Income
5000	Cost of Goods Sold
6000	Salaries Expense
6100	Payroll Tax Expense
6150	Bad Debt Expense
6400	Utilities Expense
6450	Office Supplies Expense
6500	Telephone Expense
6850	Service Charge Expense
6900	Purchase Disc-Expense Items
7050	Depreciation Expense
	Total:	0	0

After you have finished creating the required deposit ticket in Sage 50, Rinaldo asks you to perform the following steps to open the deposit ticket dated May 21, 2017 that you have previously created. Then in the table below, record the running totals that are shown at the bottom of the Select for Deposit window.

1.From the Navigation Bar, select the Banking navigation center.

2.In the Banking Tasks section, click the Bank Deposits icon.

3.Select the View and Edit Bank Deposits option from the drop down list that appears next to the Bank Deposits icon.

4.In the Deposit List window, double click the deposit ticket dated May 21, 2017.

Complete the equation below using the running totals that are presented in the Select for Deposit window that appears after the above steps are performed.