Getting Started and COMPANY Module Sage 50 Assignment 1 - Practical Challenge Exercise 01 C1-1, Driving School (General Ledger Review) 1 Refer to Exercise 1-1b to unzip the 01 C1-1 Driving.exe file. 2 Open the 01 C1-1 Driving file. 1-67 Marks 6 The Driving School is a sole-proprietorship business, owned by Tanya Gauci. You should record the following transactions in the General Journal (double-entry accounting). You will learn how to record some of these entries more efficiently in the RECEIVABLES and PAYABLES modules in Chapters 2A, 2B, 3A and 3B. The fiscal year is Jan 1 to Dec 31. Use appropriate additional Info and comment fields in 3 transactions. Note: This assignment does not involve HST, similar to Photos Company. This business uses the Track Additional Transaction Details feature where necessary. 3 Record and Post the following transactions in the General Journal for the month of January using the Double-Entry method. Jan 2 Purchased $80.00 worth of office supplies from Kanwal Supplies and issued cheque #652. Note that these supplies are assumed to be used up by the end of the month. Jan 2 Issued $80.00 invoice #324 to YOUR name (your name in the comment line) for 2 hours of driving lessons before your driving test. Cheque #113 received. Jan 3 Issued $600.00 cheque #653 to Uptown Mall for rent of a store in the mall. Jan 5 Issued $50.00 invoice #325 and received cheque #748 from Vito Campize for one-hour driving lesson ($40.00) and rule book test ($10.00) for his daughter. Jan 6 Issued $320.00 cheque #654 to Capilano Advertising for advertisements being delivered to homes in the area today. Jan 8 A new client, Naomi Regalea, took a 3-hour driving lesson. Received her $120.00 cheque #522 for invoice #326. Jan 9 Issued $120.00 cheque #655 to Morton Medina (driving teacher) for wages. Jan 11 Purchased 2 driving lesson DVDs at $75.00 each for use in the Beginners Driving Lesson course approved by the government. They will be used in the course starting tomorrow. Cheque #656 issued to Major Film Labs. Jan 12 Record the $308.00 Bank Debit memo for a payment on the bank loan. This amount includes interest of $32.40. Jan 12 Beginners Driving Lessons course started today. Received $250.00 cash from customers and deposited $250.00 in the bank today. 4 Print the following: a) Journal Entries All for the period, Jan 02 to Jan 12, with additional information b) Income Statement for the period Jan 02 to Jan 12 c) Balance Sheet as at Jan 12 d) General Ledger for all accounts to Jan 12 Note: After completing Chapters 1, 2A and 3A students can download Appendix 2015 AE, Recording www Chapter 1 Transactions with Perpetual Service Items in your course materials at www.nelson.com/student, and record the same transactions using the Perpetual Service feature. SAGE 50 Assignment 1 - Theory 1. What is the 'Reverse Entry' icon used for? 2. Ctrl+J is a keyboard shortcut to display the General Journal Entry a) True b) False 3. What is a Compound Entry? 4. What are Recurring Entries? 5. The Drill Down feature allows you to trace back one level at a time to review a transaction in order to see the relevant information in the report. a) True b) False 6. A logbook/diary, as discussed in chapter, is used for what purpose? Marks 6