CAS$50/$ Computerized Accounting with Sage $50$

$1$

Final Project $1$

Chris$$s Welding $(30\%)$

DUE DATE

Session $19$

OBJECTIVE

The objectives of this project are to:

$$ Set up the General, Payable, and Receivable ledgers for a small company

$$ Record transactions

$$ Print reports

DESCRIPTION

This project will test your understanding of the Sage $50$ Accounting application and your ability

to apply the features of this application. You will be using many skills you have acquired

throughout the course to set up the accounts for a small business and record typical

transactions.

You will need $5$ hours to complete this project and the following programs:

$$ Windows $10$

$$ Sage $50$ Accounting $2021$

INSTRUCTIONS

The information provided in this test allows you to set up the General, Payables and

Receivables ledgers for an Ontario company named Chris$$s Welding owned and run by Chris

George, a master welder. He performs all kinds of welding jobs for individuals as well as

companies. George has contracted you to set up his company to use Sage $50$ Accounting for

the general ledger, accounts receivable and accounts payable.

DO EACH OF THE FOLLOWING TASKS IN ORDER:

$1.$ Using Sage $50$ Accounting, create a new company file using the following information:

Company Name: Chris$$s Welding $-($Your Name$)$

CAS$50/$ Computerized Accounting with Sage $50$

$2$

NOTE: Be sure to include your name as part of the company name so the reports you

print and hand to your instructor will be properly identified.

Address: $33$ Maple St$.$

Windsor, Ontario

N$9$S $4$B$6$

Phone: $(519)653-8383$ Fax: $(519)653-7700$

Fiscal start: $07-01-2024$

Earliest transaction date: $07-01-2024$

Fiscal end: $12-31-2024$

Select: Let me build the list of accounts myself after the company is created

Industry: Service

Store company files in a new folder named WELDING and use WELDING as the file name.

Select: I will update my tax information myself

$2.$ Working from the Company module window, change default settings if necessary to

include the following:

User Preferences Options Use Accounting Terms

Automatically save changes to Suppliers, Clients and Other

Records

Show list buttons

User Preferences View Turn off Checklists and Daily Business Manager at startup and

after changing session date

Turn off Employee & Payroll, Inventory & Services, Project and

Time & Billing

Turn on Change Session Date at startup

User Preferences Transaction Turn on confirmation message Box

Company Information Settings Business No: $342121190$

Company System Settings Do not allow transactions dated before $07-01-2024$

Do not allow transactions in future

Company Backup Settings Backup frequency: Weekly; turn off automatic backups

Company Features Settings Company does not use notes, quotes, orders, packing slips and

project

Company does business in French and English

Company Forms Settings Next Client & Sales Invoice number: $121$

Next Receipts number: $297$

Company Date Format Settings Month, day, year. Use long date format on the screen and in

reports

$3.$ Create accounts to match the following Chart of Accounts.

Edit the current earnings account.

CAS$50/$ Computerized Accounting with Sage $50$

$3$

Account types are shown in brackets beside the account.

$($A$)=$ Subgroup $($S$)=$ Subgroup total $($H$)=$ Heading $($T$)=$ Total $($X$)=$ Current Earnings

All other accounts $($unmarked$)$ are Group accounts.

CHRIS$$S WELDING

Chart of Accounts

$1000$ CURRENT ASSETS $($H$)$

$1050$ Test Balance

$1080$ Bank: Chequing Account

$1100$ Bank: Credit Card

$1200$ Accounts Receivable

$1290$ Welding Supplies

$1390$ TOTAL CURRENT ASSETS $($T$)$

$1400$ CAPITAL ASSETS $($H$)$

$1420$ Welding Torches

$1450$ Computers

$1480$ Other Welding Equipment

$1500$ Vehicle

$1550$ Shop

$1590$ TOTAL CAPITAL ASSETS $($T$)$

$2000$ CURRENT LIABILITIES $($H$)$

$2100$ Bank Loan

$2200$ Accounts Payable

$2250$ Credit Card Payable

$2650$ HST Charged on Services $($A$)$

$2670$ HST Paid on Purchases $($A$)$

$2750$ HST Owing $($Refund$)($S$)$

$2790$ TOTAL CURRENT LIABILITIES $($T$)$

$2800$ LONG TERM LIABILITIES $($H$)$

$2850$ Mortgage Payable

$2890$ TOTAL LONG$-$TERM LIABILITIES $($T$)$

$3000$ EQUITY $($H$)$

$3560$ Chris George, Capital

$3600$ Net Income $($X$)$

$3690$ TOTAL OWNERS$$ EQUITY $($T$)$

$4000$ REVENUE $($H$)$

$4020$ Revenue from Services

$4100$ Sales Allowances

$4200$ Sales Discounts

$4390$ TOTAL REVENUE $($T$)$

$5000$ EXPENSES $($H $)$

$5020$ Advertising

$5030$ Bank and Credit Card Fees

$5040$ Cleaning and Maintenance

$5060$ Hydro Expense

$5220$ Insurance Expense

$5240$ Interest Expense

$5260$ Telephone Expense

$5270$ Payroll Service Fees

$5280$ Welding Supplies Used

$5590$ AL EXPENSES $($T$)$

CAS$50/$ Computerized Accounting with Sage $50$

$4$

$4.$ Add account balances from the following Trial Balance:

CHRIS$$S WELDING

Post$-$Closing Trial Balance

July $1,2024$

$1080$ Bank: Chequing Account $$12150$

$1100$ Bank: Credit Card $200$

$1200$ Accounts Receivable $5000$

$1290$ Welding Supplies $900$

$1420$ Welding Torches $3800$

$1450$ Computers $1500$

$1480$ Other Welding Equipment $4200$

$1500$ Vehicle $9000$

$1550$ Shop $150000$

$2100$ Bank Loan $ $6000$

$2200$ Accounts Payable