Can anyone please explain this step by steps.

All figures (e.g. sales, purchases, expenses) are net of (i.e. do not include) applicable taxes-you must add the tax unless it is stated that it is not required.

Note: HST is charged at 13%. You must add HST where appropriate.

Make sure the session date is set to January 31, 2021

1. Change the company profile, Do Business As, to your Firstname_Lastname (2 Marks)

2. Setup a new general ledger account, 1005 Bank Savings, using the same characteristics as the

Bank Chequing account. (2 Marks)

3. Setup a batch name called Bank Transfer and create a journal entry to transfer $1,000 from Bank Chequing to Bank Savings. (4 Marks)

4. Check this batch to ensure accuracy, then print it and post it. (2 Marks)

5. Setup the next batch name as Sales Batch Entries and enter the next four entries. (2 Marks)

6. January 2, sold Consulting work from the machinery division to you in Ontario (enter your first and last name, Carl_Lapp) for $11, 325, invoice #1011. (5 Marks)

7. January 4, sold services to Environment Company in Ontario for $8,975, invoice #1092. If not already created, then create allocation accounts and post 30% of the sale to machinery division and 70% to electrical division. (6 Marks)

8. January 10, sold electrical services for $7,225, invoice #1045, to Seneca College (5 Marks).

9. January 15, sold electrical services for $12,550, invoice #1024, to The Sporting Centre and were paid immediately with cheque #942. (5 Marks)

10. Check this batch to ensure accuracy, then print it and post it. (2 Marks)

11. January 18, found an error in the Environment Company sales entry from January, invoice #1092. The sales allocation should have been 40% to the machinery division and 60% to the electrical division. Reverse the original entry to correct this error. Print the reverse batch, post the batch, and print the new posting journal. (6 Marks)

12. Setup the next batch name as Purchase Batch Entries and enter the purchase related entries below.

(2 Marks)

13. January 22, received invoice #9999 from Bell Canada for telephone costs of $1,850, to be paid within 30 days. The expense is split 50% for each of the machinery and electrical divisions. (5 Marks)

14. January 24, received invoice #2011 from Ultimate Insurance Protectors for insurance coverage for the factory of $2,375, to be paid in 30 days and applies strictly to the mechanical division. (5 Marks)

15. January 28, paid invoice #9999 from Bell Canada in full with cheque #2465. (5 Marks)

16. Check this batch to ensure accuracy, then print it and post it. (2 Marks)

17. At the end of the test, package the above printed batches, Posting Journal Report, Balance Sheet Report, and OMNSYS and OMNDAT Sage 300 data files into your Answer_xx (where xx is your initials) folder in PDF file format and post to the Test 1 drop box. (5 Marks)