Final Project 1 Computerized Accounting with Sage 50 Level 2 SI2O Copyright 2022 Project Code: SI1O v7-1 Project 1 Released: July 2012 Revised: November 24, 2022 Computerized Accounting with Sage 50 Level 2 (SI2O) Final Project 1 No. 1 Computerized Accounting with Sage 50 Level 2 Dermal Dcor INTRODUCTION 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 of the skills that you have acquired throughout the course to set up the accounts for a small business and record typical transactions. OBJECTIVES The objectives of this project are to: Set up the General, Payable, Receivable, Payroll, and Inventory ledgers for a small company Record transactions Print reports TIME REQUIRED You will require 10 hours to make this project. MATERIALS REQUIRED To make this project, you will require: Winmakews 10 Sage 50 Accounting 2021 MARKING The project will be marked out of 100. Individual marks for requirements are shown below. Marks will be deducted if you ask anyone for help. The instructor will only answer questions regarding the meaning and interpretation of a step. You may refer to your textbook. If the project is not maked within the given time frame, 2 marks per additional hour will be deducted. For each typographical error, a further 0.5 mark deduction will be made. Journal Entries 60 marks Balance Sheet 20 marks Income Statement 10 marks Employee Summary Report 5 marks Inventory Summary Report 5 marks Computerized Accounting with Sage 50 Level 2 (SI2O) Final Project 1 No. 2 PROJECT SPECIFICATIONS The information provided in this test allows you to set up all ledgers for an Ontario company named DERMAL DECOR. Dermal Decor specializes in high quality aesthetic body art with sterile equipment. Before beginning any tattoo work, customers watch a brief consultation video from a dermatologist describing the process and cost of reversing their decisions. The new manager of the store buys tattoo designs and also mades custom designs for patrons with special requests. Most patrons choose from a stock of designs purchased from other artists. Her assistant makes much of the tattoo work. In stock designs are entered as inventory items, with prices based on size and complexity. Temporary tattoos are also available. The ink used for tattoos is charged to customers as inventory sales. The tattoo application and custom design work are charged as services on the basis of time. All ledgers are used. 1. Using Sage 50 Accounting, made a new company file using the following information. Company Name: Dermal Dcor - (Your Name) NOTE: Be sure to include your name as part of the company name so the reports you print and hand in to your instructor will be properly identified. Address: 9999-A New St., Toronto, Ontario M5W 1G6 Phone: (647) 523-8191 Fax: (647) 525-8819 Fiscal start: 04-01-2024 Earliest transaction date: 04-01-2024 Fiscal end: 06-30-2024 Select: Made a new company Select: Let me build the list of accounts myself after the company is made Industry: Service Select: I will update my tax information myself Store company files in a new folder named DERMAL and use DERMAL as the file name. 2. Change the 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 in SAGE 50 -View: Turn off Checklists and Daily Business Manager at startup and after changing session date Show Change Session Date at startup - Transactions Turn on Confirmation Message Box Company Settings: - Information Business No: 872 197 639 - System: Make not allow transactions dated before 04-01-2024 Make not allow transactions in future - Backup Backup frequency: Weekly; turn off automatic backups - Features Use all features - Forms Next Sales Invoice number 3110 Next Sales Quote number 32 Next Receipts number 356 Next Customer Deposits number 106 Next Purchase Order number 55 Next Direct Deposit -Employee number 68 Verify sequence number for all forms Allow printing in batches for all forms Computerized Accounting with Sage 50 Level 2 (SI2O) Final Project 1 No. 3 Date Format: MM, DD, YYYY. Use long date format on screen and in reports 3. Made accounts to match the following Chart of Accounts: 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. Allow division allocations for all revenue and expense accounts. 1000 CURRENT ASSETS (H) 1040 Test Balance 1060 Undeposited Cash and Cheques 1080 Bank: CAD Chequing 1090 Bank: USD Chequing 1100 Bank: Credit Card 1200 Accounts Receivable 1240 Advances Receivable 1260 Purchase Prepayments 1280 Sterilized Needles 1320 Other Supplies 1390 TOTAL CURRENT ASSETS (T) 1400 INVENTORY (H) 1420 Tattoo Designs 1440 Ink 1490 TOTAL INVENTORY (T) 1600 PLANT & EQUIPMENT (H) 1620 Computers and Video Monitors 1640 Sterilization Equipment 1660 Tattoo Equipment 1680 Store Fixtures and Displays 1690 Store 1695 TOTAL PLANT & EQUIPMENT (T) 2000 CURRENT LIABILITIES (H) 2100 Bank Loan 2150 Credit Card Payable 2200 Accounts Payable 2240 Prepaid Sales and Deposits 2300 Vacation Payable 2310 EI Payable (A) 2320 CPP Payable (A) 2330 Income Tax Payable (A) 2340 Receiver General Payable (S) 2360 EHT Payable 2380 Medical Payable 2390 Tuition Payable 2400 RRSP Payable 2460 WSIB Payable 2650 HST Charged on Sales (A) 2670 HST Paid on Purchases (A) 2750 HST Owing (Refund) (S) 2800 TOTAL CURRENT LIABILITIES (T) 2810 LONG TERM LIABILITIES (H) 2850 Mortgage Payable 2890 TOTAL LONG TERM LIABILITIES (T) 3000 EQUITY (H) 3560 D. Zines, Capital 3600 Net Income (X) 3690 TOTAL EQUITY (T) 4000 REVENUE (H) 4020 Revenue from Sales 4060 Revenue from Design 4100 Sales Discounts 4390 TOTAL REVENUE (T) 5000 EXPENSES (H) 5010 Credit Card & Bank Fees 5015 Exchange Rate Differences 5020 Store Maintenance 5030 Adjustment Write-Off 5060 Cost of Goods Sold 5070 Cost of Services 5100 Purchase Discounts 5200 Freight Expense 5220 Supplies Used 5230 Interest Expense 5260 Utilities 5300 Wages 5310 EI Expense 5320 CPP Expense 5330 WSIB Expense 5360 EHT Expense 5380 Medical Expense 5400 Tuition Expense 5490 TOTAL EXPENSES (T) Print the Chart of Accounts for reference. Computerized Accounting with Sage 50 Level 2 (SI2O) Final Project 1 No. 4 4. Add account balances from the following Trial Balance: Post-Closing Trial Balance for Dermal Decor: April 1, 2024 1080 Bank: CAD Chequing $24 130 1090 Bank: USD Chequing 1 550 1100 Bank: Credit Card 2 200 1200 Accounts Receivable 2 800 1240 Advances Receivable 150 1300 Sterilized Needles 650 1320 Other Supplies 400 1420 Tattoo Designs 10 800 1440 Ink 1 030 1620 Computers and Video Monitors 6 500 1640 Sterilization Equipment 4 800 1660 Tattoo Equipment 12 000 1680 Store Fixtures and Displays 4 500 1690 Store 120 000 2100 Bank Loan $ 6 000 2150 Credit Card Payable 1 200 2200 Accounts Payable 4 674 2300 Vacation Payable 360 2310 EI Payable 145 2320 CPP Payable 390 2330 Income Tax Payable 625 2650 HST Charged on Sales (A) 1 890 2670 HST Paid on Purchases (A) 1 620 2850 Mortgage Payable 60 000 3560 D. Zines, Capital 117 846 $193 130 $193 130 5. Add foreign currency. Allow transactions with United States suppliers in US makellars. Use account 5015 to track exchange rate differences. Enter 1.19 the exchange rate for Apr. 1, 2024. Display the reminder if the rate is one day old. 6. Edit Account classes: For Undeposited Cash and Cheque, change the account class to Cash. For Chequing Account: CAD, change the account class to Bank. Enter 432 as the next cheque number and 607 as the next deposit slip number. For Chequing Account: USD, change the account class to Bank. Enter 119 as the next cheque number. Change the currency to USD and add $1 350 as the USD balance. For Credit Card Account, change the account class to Credit Card Receivable. For Accounts Receivable, change the account class to Accounts Receivable For Inventory accounts, change the account class to Inventory For Credit Card Payable, change the account class to Credit Card Payable. For Accounts Payable, change the account class to Accounts Payable For all expense accounts, change the account class to Expense. Computerized Accounting with Sage 50 Level 2 (SI2O) Final Project 1 No. 5 7. Set up credit cards as follows: Credit Cards Accepted: Credit Card Name: Wishful Discount Fee: 3.5% Linked Asset Account: 1100 Linked Expense Account: 5010 Credit Cards Used: Credit Card Name: Wishful Linked Payable Account: 2150 Linked Expense Account: 5010 8. Enter Sales Taxes and Tax Codes Tax - HST: Not Exempt, Not Taxable, Use 2670 to track tax paid on expenses. Use 2650 to track taxes charged on revenue. Report on taxes Code - H: Tax HST, Taxable, Rate 13%, Not included, Refundable Code - HI: Tax HST, Taxable, Rate 13%, Included, Refundable 9. Enter the ledger settings. Leave unused linked accounts blank. Allow account classes to change. General: Linked Accounts Retained Earnings 3560 Net Income 3600 Payables Settings: Address Toronto, Ontario, Canada - Linked Accounts Principal Bank Account for CAD 1080 Principal Bank Account for USD 1090 Accounts Payable 2200 Freight Expense 5200 Early Payment Purchase Discount 5100 Prepayments and Prepaid Orders 1260 Receivables Settings: Address Toronto, Ontario, Canada - Options Aging periods: 15, 30 and 45 days; No interest charges on overdue accounts; Include invoices paid in last 30 days, Use tax code H for new customers - Discounts Payment terms: 1% after tax discount in 15 days; net 30 days Line discounts are not used - Comment On Client Invoices: Beauty can be skin deep. - Linked Accounts Principal Bank Account for CAD 1060 Principal Bank Account for USD 1090 Accounts Receivable 1200 Default Revenue Leave blank Early Payment Sales Discount 4100 Deposits and Prepaid Orders 2240 Payroll Settings: Names -Incomes & Deductions: Income 1: Salary Income 2: Commission Income 3: No. Clients Income 4: Tuition Delete other Income names Computerized Accounting with Sage 50 Level 2 (SI2O) Final Project 1 No. 6 Deduction 1: RRSP Delete other Deduction names Names - Additional Payroll: Worker's Comp: WSIB User-Defined Expense 1: Medical (this is an employee benefit) User-Defined Expense 2: Tuition Entitlement 1: Sick Leave Entitlement 2: Vacation Delete other User-Defined Expense and Entitlement names Incomes Regular and Overtime 1: Type - Hourly rate Calculate tax, EI, Insurable Hours, CPP, EHT and vacation Salary: Type - Income Calculate tax, EI, Insurable Hours, CPP and EHT Commission: Type - Income Calculate tax, EI, CPP and EHT No. Clients: Type - Piece rate; Unit of Measure - Clients Calculate tax, EI, CPP, EHT and vacation Tuition: Type - Benefit Calculate tax, CPP and EHT Deductions RRSP by amount deduct before calculating tax Taxes EI Factor is 1.4 WSIB rate is 2.02 EHT factor is 0.98 Payroll Entitlements: Sick Leave: Track - 2.5%; Maximum 15 days; Clear at Year-end Vacation: Track - 6%; Maximum 25 days; Make not clear at Year-end Linked Accounts - Income Bank 1080 Vacation (Owed) 2300 Advances & Loans 1240 Use 5300 for Vacation Earned, Regular, Overtime, Salary, Commission, No. Clients and Tuition - Deductions: RRSP 2400 Computerized Accounting with Sage 50 Level 2 (SI2O) Final Project 1 No. 7 Payroll Settings: (continued) - Taxes: EI (Payable) 2310 CPP (Payable) 2320 Tax (Payable) 2330 WSIB (Payable) 2460 EHT (Payable) 2360 EI (Expense) 5310 CPP (Expense) 5320 WSIB (Expense) 5330 EHT (Expense) 5360 The remaining Payroll linked accounts are not used. Leave blank. - User-Defined Expenses: Payables - Medical 2380 Payables - Tuition 2390 Expenses - Medical 5380 Expenses - Tuition 5400 Inventory Settings:Options: Sort by description Profit evaluation by markup Make not allow inventory to drop below zero - Linked Accounts Adjustment Write-off 5030 Division Settings: Change the name of Project to Division - Allocation Allocate by percentages - Payroll & Other Transactions Warn if division allocation is not make Allow access to Allocate field using Tab key 10. Made the following supplier accounts with historical information: Name (Contact), Address Phone/Fax Options, Tax, Account Full Spectrum (Manny Colors) Tel: (716) 662-6682 Terms: 2/15, n/30 (after tax) 189 Indigo Way, Buffalo, New York, USA 14209 Fax: (716) 662-6164 Tax Code: H Web site: www.fullspectrum.com Currency: USD Supplier since 02/01/2015 Medi-Specs (I.N. Spector) Tel: (613) 774-7109 Terms: net 15 (after tax) 512 Monitor Ct., Ottawa, ON K6T 7F3 Fax: (613) 774-7799 Tax Code: H E-mail: inspector.medispecs.com Supplier since 03/01/2016 Skin Decals, Inc. (Art) Tel: (905) 526-7191 Terms: 2/5, n/15 (after tax) 899 Creative Way, Oakville, ON L5R 2V7 Tax Code: H Tax ID: 887 210 092 Supplier since 01/01/2013 E-mail: art.skindecals.com Historical Supplier Invoices and Payments Name Terms Date Invoice/Chq Amount Full Spectrum 2/15, n/30 after tax Mar 15/24 FS-3903 $970 USD (1,164 CAD) Computerized Accounting with Sage 50 Level 2 (SI2O) Final Project 1 No. 8 Skin Decals, Inc. 2/5, n/15 (after tax) Mar 25/24 SD-621 $3 800 Mar 27/24 Chq 398 -1 800 Mar 30/24 SD-808 1 510 Balance owing $3 510 Grand Total $4 500 11. Made the following customer accounts with historical information: The credit limit for all customers is $5 000. The terms for all customers are 1/15, n/30. The tax code for all customers is H. If information is not provided, leave fields blank. Customer accounts: Name (Contact), Address Phone/Fax Hart Bridal Party (Bonnie Hart) Tel: (647) 762-6712 Preferred Price List Fax: (647) 762-9991 55 Blissful Blvd., Toronto, ON M1P 7D3 Client since 11/01/2017 E-mail: b.hart.gmail.com Stan Stoner Tel: (416) 592-9001 110 Abbey Rd., Toronto, ON M8C 9A1 E-mail: s.stoner.yahoo.com Client since 12/01/2017 Historical Customer Invoices and Payments Name Terms Date Invoice/Chq Amount Stan Stoner 1/15, n/30 Mar 28/24 3104 $4 300 Mar 28/24 Chq 32 -1 500 Balance owing $2 800 12. Enter the following employee information: Use the linked payroll accounts. Employer pays medical premiums for employees (user-defined expense and employee benefit). Dyes has her tuition paid as a taxable benefit. Both employees have 100% their paycheques deposited directly to their bank accounts. Painter has just been hired so there is no historical data for her. Personal Magenta Dyes Carmine Painter Address 345 Ochre Blvd. 22 Crimson Ave. Toronto, ON M4H 4R2 Toronto, ON M3C 3W1 (416) 882-6234 (647) 598-7177 SIN# 624 514 774 621 628 999 Birth Date Apr. 15, 1984 Dec. 23, 1980 Date of Hire Feb. 1, 2007 Taxes Mar. 23, 2022 Tax Table Ontario Ontario Federal Claim $14 398 $14 398 Provincial Claim $11 141 $11 141 Federal Index amount $14 398 $14 398 Provincial Index amount $11 141 (Entire claim amounts are subject to indexing) $11 141 Additional Federal Tax $100 Computerized Accounting with Sage 50 Level 2 (SI2O) Final Project 1 No. 9 Magenta Dyes Carmine Painter Deduct EI & CPP (EI Factor) Yes, Yes (1.4) Historical Income Tax $1 202 Historical EI Contributions $167 Historical CPP Contributions $474 Income Advances Historical Amount $150 Yes, Yes (1.4) Benefits (medical plan) $10 Benefits Historical Amount $130 $20 Vacation 6% retained Vacation Owed $360.00 3 weeks (0%) Salary (make not use) $2 200 bi-monthly Salary Hours per Period 80 (Salary hours) Regular Wage $18.00/hr (make not use) Hours per Period 35 (Regular hours) Regular Wage Historical Amount $8 190 Overtime wage $27.00/hr Overtime Wage Historical Amount $702 (make not use) Commission (make not use) 1% of revenue No. Clients $5 No. Clients Historical Amount $780 (make not use) Tuition $50 Tuition historical amount $650 (make not use) Pay Periods per Year 52 Deductions 24 RRSP Deductions per Pay $50.00 RRSP Historical Contributions $650.00 WSIB and Other Expenses $50.00 WSIB Rate 2.02% 2.02% Medical per pay (Historical Medical) $10.00 ($130.00) $20.00 Tuition per pay (Historical Tuition) $50 ($650.00) Entitlements (Percentage for tracking, maximum days) Sick Leave 2.5%, 15 days max; clear 2.5%, 15 days max; clear Historical Sick Leave days 4 Vacation 6.0%, 25 days max; not cleared Historical Vacation days 0 Direct Deposit (100% of paycheques deposited) Branch No., Institution No. and Account numbers 38648, 223, 45567 16678,221, 2435644 T4 and RL-1 Reporting Historical EI Insurable Earnings $9 672 Historical Pensionable Earnings $10 452 13. Set up a payroll authority. Made a new supplier record for the Receiver General of Canada as the payroll authority for Income Tax, EI and CPP. Leave the remaining supplier fields blank. Settings -Payroll: Remittance and suppliers-Receiver General of Canada Remitting frequency - Monthly End of remittance period - April 15, 2024. Computerized Accounting with Sage 50 Level 2 (SI2O) Final Project 1 No. 10 14. Set up job categories. Made two job categories named Sales and Other. Persons in the Sales category are salespersons. Persons in the Other category are not salespersons. Assign the employee Painter to the Sales category. Assign the employee Dyes to the Other category. Select Painter as the salesperson for all sales. 15. Made the following inventory accounts: Variance accounts will not be required. Leave the variance linked account field blank. Allow account classes to change. Customers pay HST on all inks, designs, tattoo services and custom design work. Ink tubes are purchased in lots of 10 tubes per box and stocked and sold as individual tubes. Note: Web pricing is the same as regular pricing. Inventory & Services: Reg (Pref) Opening Linked Accounts Description No. Unit Min Price (Price) Qty Value Asset Rev C.O.G.S. Ink - Permanent Colour 101 10 tubes/box 50 $10 ($8) 80 $320 1440 4020 5060 Ink - Permanent Outline 102 10 tubes/box 20 10 (8) 50 250 1440 4020 5060 Ink - Temporary Colour 201 10 tubes/box 50 8 (7) 60 300 1440 4020 5060 Ink - Temporary Outline 202 10 tubes/box 20 7 (5) 40 160 1440 4020 5060 Design - Small 301 each 10 25 (20) 100 1 400 1420 4020 5060 Design - Medium 302 each 10 60 (50) 100 2 900 1420 4020 5060 Design - Large 303 each 10 100 (90) 100 6 500 1420 4020 5060 Design - Special Order 304 each Custom Pricing 1420 4020 5060 Service No. Unit Reg Price (Pref Price) Tax Rev Expense Tattoo application 501 session $80 ($70) HST 4060 5070 Design Creation 502 each Custom pricing HST 4060 5070 16. Made two divisions starting April 1, 2022. 1. Sales 2. Services There are no balances forward. Select status: Maked Setup: warn if allocation is not make 17. Back up your work with the name Dermal - Before finishing history. Continue with the original working copy, DERMAL.SAI. Finish entering the history. Computerized Accounting with Sage 50 Level 2 (SI2O) Final Project 1 No. 11 18. Change the session date to April 8, 2024 Add the shortcuts you need and then enter the following transactions: NOTE: Be sure to use the correct bank account for each transaction. If you have set up the accounts correctly, the default account will be correct. Enter Carmine Painter as the salesperson for all sales. Cheque Purchase Invoice #LG-35887 Dated April 2, 2024 From Lee Gull, $2 373, including HST, for legal fee to draw up legal waiver form for business. Paid by cheque #432. Made new Group expense account 5240 Legal Expenses. Allocate 20% of expense to Sales Division and 80% to Services. Use Quick Add for the new supplier. Purchase Order #55 Dated April 3, 2024 Shipping Date April 11, 2024 From Skin Decals, Inc. 20 Design - Small ($13 ea) $260.00 10 Design - Medium ($27 ea) 270.00 10 Design - Large ($58 ea) 580.00 Courier Freight Charge 40.00 HST Paid 149.50 Invoice Total . $1 299.50 Terms: 1/10, net 30. Edit the default prices and terms Cash Receipt #356 Dated April 4, 2024 From Stan Stoner, cheque #2773 for $2 757 in full payment of invoice #3104, taking into account 1% sales discount of $43 for early payment. Purchase Invoice #NN-601 Dated April 4, 2024 From Ned's Needles, $250, plus 13% HST for sterilized needles that fit tattoo gun. Invoice total $282.50. Terms: 1/15, net 30. Use Quick Add for new supplier. Payment Cheque #433 Dated April 4, 2024 To Skin Decals, Inc., $3 479.80 in payment of invoices #SD-621 and SD-808, including $30.20 discount for early payment, and $200 as deposit for purchase order #55. Total cheque amount is $3 679.80. Purchase Invoice #FS-4972 Dated April 5, 2024 From Full Spectrum, 4 boxes Ink - Permanent Colour ($40 ea) $160.00 USD 4 boxes Ink - Permanent Outline ($45 ea) 180.00 USD 4 boxes Ink - Temporary Colour ($45 ea) 180.00 USD 4 boxes Ink - Temporary Outline ($40 ea) 160.00 USD HST Paid 88.40 USD Invoice Total $768.40 USD Terms: 2/15, net 30 The exchange rate is 1.21 (the exchange rate difference amount may not be allocated) Edit the default prices. Cheque Copy #119 Dated April 6, 2024 Computerized Accounting with Sage 50 Level 2 (SI2O) Final Project 1 No. 12 To Full Spectrum, $970 USD in full payment of invoice #FS-3903. The exchange rate is 0.190. Paid from Bank: USD Chequing Account. Sales Quote #32 Dated April 6, 2024 Delivery Date April 15, 2024 To Hart Bridal Party (love knot & heart design tattoos for 10 members of wedding party) 10 Ink - Temporary Colour $7 /tube 10 Ink - Temporary Outline 5 /tube 20 Designs - Small 20 each 10 Tattoo applications 70 /session HST Charged 13 % Terms: 1/15, net 30. Sales Invoice #3110 Dated April 6, 2024 To Wanda Wonder (Use Quick Add for new Regular customer) 15 Ink - Permanent Colour $ 10 /tube 6 Ink - Permanent Outline 10 /tube 2 Designs - Medium 60 each 1 Design - Large 100 each 5 Tattoo applications 80 /session HST Charged 13 % Invoice total 937.90 Terms: 1/15, net 30. Allocate 100% of sales to Sales Division and 100% of services to Services Division. Memo #1 Dated April 6, 2024 Bonnie Hart has accepted the sales quote to Hart Bridal Party and is placing an order. Convert Sales Quote #32 to Sales Order #32 using the same shipping date, prices and terms. Cash Receipt #357 Dated April 7, 2024 From Hart Bridal Party, cheque #188 for $400 as deposit #106 to accept sales order #32. Deposit Slip #607 Dated April 7, 2024 Deposit two cheques received in the past week. Total deposit is $3 157. Sales Invoice #3111 Dated April 8, 2024 To One-time customers 12 Ink - Permanent Colour $10 /tube 5 Ink - Permanent Outline 6 /tube 6 Ink - Temporary Colour 8 /tube 2 Ink - Temporary Outline 7 /tube 15 Designs - Small 25 each 15 Tattoo applications 80 /session HST Charged 13 % $2 019.31 received by cheque #354 Allocate 100% of sales to Sales Division and 100% of services to Services Division. Edit the default prices. Memo #2 Dated April 8, 2024 Pay hourly employee, Magenta Dyes for 35 hours regular work. Computerized Accounting with Sage 50 Level 2 (SI2O) Final Project 1 No. 13 Recover $50 advance. Dyes should be paid for serving 10 clients (No. Clients piece rate pay). Allocate 30% of payroll expenses to Sales and 70% to Service. Issue deposit slip #68. Hints: Use Payroll cheque run. Accept: Payroll Tables are out of date 19. Back up the data files with the name Dermal - April 8. Continue with the file DERMAL.SAI. Change the session date to April 15, 2024. Enter the following transactions: Purchase Invoice #SD-986 Dated April 11, 2024 To fill Purchase Order #55 From Skin Decals, Inc. 20 Designs - Small ($13 ea) $260.00 10 Designs - Medium ($27 ea) 270.00 10 Designs - Large ($58 ea) 580.00 Courier Freight Charge 40.00 HST Paid 149.50 Invoice Total $1 299.50 Terms: 1/10, net 30 (new payment terms). Allocate 100% of freight expense to Sales Division. Memo #3 Dated April 11, 2024 Several boxes of supplies and inventory were damaged after a prolonged power failure. The following items were not usable and should be written off: Sterilized needles $120 Other supplies $80 Tattoo gun $250 30 tubes Ink - Permanent Colour accept cost price 20 tubes Ink - Temporary Colour accept cost price Allocate 100% of the cost of equipment and supplies to the Services division and 100% of the cost of damaged ink inventory to the Sales division. Made new General Ledger Group expense account 5210 Damaged Supplies and Equipment. (Hint: two journal entries are required.) Cash Receipt #358 Dated April 11, 2024 From Wanda Wonder, cheque #344 for $928.52 in payment of invoice #3110, taking into account 1% sales discount of $9.38 for early payment. Cash Receipt #359 Dated April 11, 2024 From Stan Stoner, cheque #2789 for $1 000 as deposit #107 in prepayment for tattoo work to be maked over several weeks. Sales Invoice #3112 Dated April 13, 2024 To Stan Stoner 4 Designs - Large $100 each 10 Ink - Permanent Outline 10 /tube 10 Ink - Permanent Colour 10 /tube 20 Tattoo application 80 /session HST Charged 13 % Invoice total $2 486 Terms: 1/15, net 30 Computerized Accounting with Sage 50 Level 2 (SI2O) Final Project 1 No. 14 Allocate 100% of sales to Sales Division and 100% of services to services Division. Accept message. Sales Invoice #3113 Dated April 15, 2024 To Hart Bridal Party, to fill sales order #32 10 Ink - Temporary Colour $7 /tube 10 Ink - Temporary Outline 5 /tube 20 Designs - Small 20 each 10 Tattoo application 70 /session HST Charged 13 % Invoice Total $1 378.60 Terms: 1/15, net 30. Allocate 100% of sales to Sales Division and 100% of services to services Division. Credit Card Sales Invoice #3114 Dated April 15, 2024 To One-time credit card customers 20 Ink - Permanent Colour $10 /tube 9 Ink - Permanent Outline 10 /tube 8 Ink - Temporary Colour 8 /tube 4 Ink - Temporary Outline 7 /tube 10 Designs - Medium 60 each 20 Tattoo application 80 /session HST Charged 13 % Invoice total $2917.66 paid by Wishful. Allocate 100% of sales to Sales Division and 100% of services to Services Division. Edit the default prices. Purchase Order #56 Dated April 15, 2024 Delivery Date: April 28, 2024 From Full Spectrum, one tattoo gun to replace the damaged equipment. The cost of the new gun is $320 plus HST $41.60. Invoice total $361.60 (USD). Terms: 2/15, net 30. The exchange rate is 1.1985. Purchase Invoice # MS-903 Dated April 15, 2024 From Medi-Specs, $260 plus $33.80 HST for routine site and equipment inspection. Invoice total $293.80. Terms: net 15. Made new Group expense account 5250 Licenses and Inspections. Allocate 40% of the expense to Sales Division and 60% to the Services Division. Deposit Slip #608 Dated April 15, 2024 Deposit three cheques received in the past weeks totaling $3,920.98. Total deposit amount was $3 947.83. Memo #4 Dated April 15, 2024 Pay hourly employee, Magenta Dyes for 35 hours regular work. Recover $50 advance. Dyes took one day sick leave during the week. Dyes should be paid for serving 11 clients (No. Clients piece rate pay). Issue deposit slip #69. Allocate 40% of payroll expenses to Sales and 60% to Service. Ignore messages Memo #5 Dated April 15, 2024 Computerized Accounting with Sage 50 Level 2 (SI2O) Final Project 1 No. 15 Pay salaried employee, Carmine Painter $2 200 her regular bi-monthly salary. Calculate and include sales commission for Painter. Painter took one day sick leave during the pay period (allow negative days to accrue). Issue deposit slip #70. Allocate 30% of payroll expenses to Sales and 70% to Service. Note: Record hours worked per pay period. Memo #6 Dated April 15, 2024 Transfer $4 000 from Bank: Credit Card to Bank to CAD Chequing Account. Transfer $2 000 USD from Bank: CAD Chequing Account to Bank: USD Chequing to cover upcoming payments. The exchange rate is 1.2. Bank Debit Memo #RCU-4433 Dated April 15, 2024 From Rainbow Credit Union, $600 for loan payment including $100 interest and $500 principal. Total amount withdrawn from CAD Chequing bank account was $600 Allocate 40% of the interest expenses to the Sales Division and 60% to the Services Division. Memo #7 Dated April 15, 2024 Make payroll tax remittance to the Receiver General for the pay periods ending April 15, 2024. Include remittance for income tax, EI and CPP. Issue cheque #434. 20. Bank reconciliation. Set up account 1080 for account reconciliation. Use the following linked accounts. Made new accounts if necessary. Income: Interest 4280 Revenue from Interest Expense1: Bank Charges 5010 Bank & Credit Card Fees Expense2: NSF fee 5010 Bank & Credit Card Fees Expense3: 5230 Interest Expense Adjustment: 5005 Reconciliation Adjustments Reconcile the account using April 1 start date and April 15 as the statement end date and the reconciliation date. There are two outstanding prior transactions Source Description Date Amount 606 Deposit slip Mar 29 Deposit $2 600 431 Skin Decals, Inc. Mar 30 Payment $1 800 (Hint: after adding the first outstanding transaction, click Insert Outstanding again to access a new transaction line.) Use the following bank statement details to make the reconciliation. Withdrawals deposits balance Mar. 15 Balance forward 23 330.00 Mar. 29 Deposit 606 2 600.00 Mar. 30 Cheque 431 - 1 800.00 Apr. 1 Interest on account 15.00 Apr. 1 Cheque 432 - 2 373.00 Apr. 4 Cheque 433 - 3 679.80 Apr. 8 Deposit 607 3 157.00 Apr. 8 Payroll transfer Ref #68 508.15 Apr. 15 Deposit 608 3 920.98 Computerized Accounting with Sage 50 Level 2 (SI2O) Final Project 1 No. 16 Apr. 15 Debit memo - 600.00 Apr. 15 Transfer from 04328-476199 4000.00 Apr. 15 Transfer to 04328-59990 2 040.00 Apr. 15 Payroll transfer Ref #69- 511.71 Apr. 15 Payroll transfer Ref #70- 1 744.85 Apr. 15 Service fee 45.00 Apr. 15 Closing Balance 23 987.32 Computerized Accounting with Sage 50 Level 2 (SI2O) Final Project 1 No. 17 21. Print and assemble the following reports in the order indicated and hand in to your instructor: Note: Make sure your name appears as part of the company name at the top of each report. 1. Journal Entries for all journals from April 1 to April 15, 2024 - Show division allocations, foreign currency amounts, corrections and additional information. 2. Balance Sheet at April 15, 2024 3. Income Statement from April 1 to April 15, 2024 4. Employee Summary 5. Inventory Summary