This test is based on the Company and Receivables modules of Sage 50 Accounting. The company is called China Company, which sells various kinds and sizes of dishes, cutlery and glasses for everyday use and for special occasions.  Apply 13% HST to Sales.  Normal terms are 2/10, net 30, unless otherwise stated.

 

Record the following transactions for the month of March:

 

Mar 1    Sold on invoice #5270, 12 dinner plates, code DP-02, to a new customer, Helen Chang, 123 Main Street, Toronto, Ontario M5E 4T4.  The selling price is $55.00, plus HST.  Helen paid immediately with her Universal Credit Card. (no early payment discount).

 

Mar 2    Received a $50.00 bank debit memo for bank service charges for the month of February.  Pay bank charges now.

 

Mar 3    Sold 3 place settings, PS-01, to a new customer, Frank Baker (Quick Add).  The customer is entitled to a 10% senior’s discount off the regular selling price, plus HST. Terms:  Net 5 days.  Invoice #5271.

 

Mar 4     Sold to “YOUR NAME”, a new customer (Quick Add), 5 dinner plates, DP-02, @ $100 each plus HST.  The customer paid immediately with cheque #123. (No early payment discount) Invoice #5272.

 

Mar 5    The owner had the bank transfer (by bank memo) $4,000.00 from a personal savings account to the business bank account.  Owner Investment.

 

Mar 7    The bank advised that “YOUR NAME” cheque #123 was returned NSF.  Prepare a new sales invoice that will advise the customer that they owe the full balance of the previous invoice plus a $15 handling fee.

 

Mar 8     Received order #24 from Ayan Stores for the following:

             5  Luncheon Service Sets (LSS-01) @ $1,000 each, plus HST, normal terms.

             Ayan left cheque #77 as a deposit of $500.  The goods will be delivered on March 10th.

 

Mar 9    Sold 12 soup bowls, SB-01, at $15.00 per bowl, plus HST, to Plates & More.  Normal terms.  Invoice #5273.

 

Mar 10  The Luncheon Service Sets (LSS-01) ordered on sales order #24 were shipped to Ayan Stores along with invoice #5274.  Normal terms for the balance of the invoice.

 

Mar 12  Frank Baker paid for invoice #5271 with cheque #222.

 

Mar 13  Received $888.00 cheque #789 from Plates and More for invoice #5253 only.

 

Mar 14  Plates and More returned 4 of the soup bowls purchased on March 9th because they arrived damaged.  We accepted the returned bowls by issuing a credit note using the original invoice number as a reference.

 

Mar 17  “YOUR NAME” paid the balance owing on their account with

                certified cheque #150.

 

Mar 26   Received cheque #834 from Plates and More for invoice #5273 and the return only.

 

Mar 31  Received cheque #564 for $1,500 from Ayan Stores, partial payment of invoice #5274.

Answer rating: 100% (QA)

Date Particular Amount Amount March 1 Bank Ac Dr 74580 Sales Ac 66000 HST AC 8580 Sold on invoice 5270 12 dinner plates code DP02 Helen Chang 123 Main ... View the full answer