Part 1 - Q1 What is the use or purpose of Sage 50 in accounting? (50 words) Q2 What is the first step you need to do in order to book an entry in Sage 50? Q3 How do you create a group heading in Sage 50? Provide a step-by-step description of the process. Q4 Before using Sage 50, you must create a company. Write the steps you must follow in order to create a company in Sage 50? Q5 Explain the meaning of the following steps and name the sub-accounts (accounts which comes under these accounts) in Sage 50. Retained Earning Account Vendors and Purchases Account Customers and Sales account Payroll Accounts Payroll deduction Accounts Inventory Accounts Q6 You hired a new employee at your company. His name is Michael Smith. Now, you must create new employee records for Mr. Smith that contains all of your new employee's information relevant to payroll. What information will you need from Mr. Smith in order to have complete records? Please also provide a step-by-step description of how you will create and add his profile to Sage 50