Use Sage 50 to record the above transactions for Intermaweb Computer.

1. 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.

2. Create a bank deposit ticket as of May 7, 2017 (Deposit Ticket ID 1) in Sage 50 and include all of the checks received during the first week of May into that deposit ticket.

3. Answer the questions about Sage 50 that Rinaldo asks you below.

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 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, click the Banking button.

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, click the deposit ticket that you have previously entered into Sage 50.

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

+ + =

Transcribed Image Text:

You find a note on your desk from Rinaldo instructing you to record a list of transactions that occurred during the first week of May as follows: Transactions from early May 2017 May 1 Obtained a loan of $20,000 from Uncle Oswald (a family relative of Rinaldo Jensen) at a simple interest rate of 8% per year, Check No. 137, Receipt No. 6248. The principal and interest on the loan are payable in six months time. May 3 Issued Check No. 4081 for $8,534 to Big Telco in payment of Invoice No. 787. May 3 Received Check No. 204 from Radio Hut for the full amount outstanding on their account, Receipt No. 6249. May 3 Purchased 8 units Tony ZIO MLP projectors from Mega Tech at $1420 each, Invoice No. 848, Issued Check No. 4082 for $6.300 to this supplier at the time of the purchase. May 4 Issued Check No. 4083 for $1,480 to Discount Office Supplies for the purchase of office supplies. May 5 Sold the following items on credit to Handys Electronics, Invoice No. 3059: • 3 units DKB00 desktop computers for $1,700 each plus 5% sales tax 3 units Zi game consoles for $1,300 each plus 5% sales tax. $2,700 was received immediately, Check No. 604, with the remainder due to be received in 30 days time. After you have finished recording the above transactions in Sage 50, Rinaldo asks you to create a bank deposit ticket dated May 7, 2017 and enter the checks received during the first week of May into that deposit ticket. He also tells you that he has additional questions for you to answer about your use of Sage 50. You find a note on your desk from Rinaldo instructing you to record a list of transactions that occurred during the first week of May as follows: Transactions from early May 2017 May 1 Obtained a loan of $20,000 from Uncle Oswald (a family relative of Rinaldo Jensen) at a simple interest rate of 8% per year, Check No. 137, Receipt No. 6248. The principal and interest on the loan are payable in six months time. May 3 Issued Check No. 4081 for $8,534 to Big Telco in payment of Invoice No. 787. May 3 Received Check No. 204 from Radio Hut for the full amount outstanding on their account, Receipt No. 6249. May 3 Purchased 8 units Tony ZIO MLP projectors from Mega Tech at $1420 each, Invoice No. 848, Issued Check No. 4082 for $6.300 to this supplier at the time of the purchase. May 4 Issued Check No. 4083 for $1,480 to Discount Office Supplies for the purchase of office supplies. May 5 Sold the following items on credit to Handys Electronics, Invoice No. 3059: • 3 units DKB00 desktop computers for $1,700 each plus 5% sales tax 3 units Zi game consoles for $1,300 each plus 5% sales tax. $2,700 was received immediately, Check No. 604, with the remainder due to be received in 30 days time. After you have finished recording the above transactions in Sage 50, Rinaldo asks you to create a bank deposit ticket dated May 7, 2017 and enter the checks received during the first week of May into that deposit ticket. He also tells you that he has additional questions for you to answer about your use of Sage 50.

Answer rating: 100% (QA)

Date Description Debit Credit May 1 Bank Account To Loan from Uncle Oswal being loan taken from Uncl... View the full answer