RECEIVABLES Module$-$Basics

$2A-123$

Challenge Exercise $02$ C$2$A$-1,$ Clocks

$($RECEIVABLES$,$ INVENTORY & SERVICES, and COMPANY Modules$)$

Clocks is a business that sells various type of clocks $($e$.$g$.,$ table, desk, grandfather$)$ and is open $7$ days a week.

You do NOT need to print sales invoices or receipts. Terms are varied for different customers. HST is $13\%.$

$1-$Refer to Exercise $1-1$ to unzip the $02$ C$2$A$-1$ Clocks.exe file.

$2-$ Open the $02$ C$2$A$-1$ Clocks file, and enter the following Accounts Receivable transactions for May:

May $1$ Sold $10$ desk clocks, model #$256,$ code DC$-01$ at $$30\mathrm{.}00$ each, plus HST$,$ to Carney's Clocks. Invoice #$212$ issued with terms $\frac{2}{10},$ net $30.$

May $1$ Issued Sales Quote #$136$ to Your Name $($your actual name must appear$).$ Terms net $5$ days. Other information: $623$ Autumn Breeze Way, Mississauga, Ontario, L$5$B $9$P$2.$ Phone and fax numbers may be left blank. Credit limit $$2,500\mathrm{.}00$ for a grandfather model AC clock, code GF$-$AC$,$ at $$2,000\mathrm{.}00,$ plus HST$.$ Free delivery and setup of the clock. Your Name will return from a business trip on Friday, May $4$ and will advise about the quote on the clock. Ship date Tuesday, May $8.$

May $4$ Your Name accepted quote #$136$ and ordered the grandfather clock. The order was increased to include $2$ travel alarm clocks, code TC$-01,$ at $$35\mathrm{.}00$ each, plus HST$.$

May $5$ Issued invoice #$213$ for sale of one antique$-$style desk clock, code DC$-$AS for $$140\mathrm{.}00,$ plus HST$,$ to Carlton Shippers. Cheque #$258$ received. Early Payment Discount is granted for this customer with early payment credit terms on record.

May $8$ The grandfather and travel alarm clocks on Order #$136$ were delivered to Your Name and the grandfather clock was installed. Invoice #$214$ was left at the home.

May $9$ Issued sales order#$137$ to wholesale customer Sandy's Clock Town, for $10$ desk clocks model #$899,$ code DC$-03,$ at $$62\mathrm{.}50$ each, plus HST$.$ The clocks are scheduled to be shipped May $14.$ Terms are net $\frac{2}{10},$ net $30$ days.

May $10$ Your Name returned one of the travel alarm clocks, as it does not work. Your Name does not want a replacement. Credit his$/$her account.

May $11$ Received cheque #$847$ from Carney's Clocks to pay for outstanding invoice #$212.$

May $13$ Received cheque #$148,$ as payment from Your Name re: invoice #$214.$

May $14$ Issued invoice #$215$ to Sandy's Clock Town for their order of $7$ desk clocks. Three clocks are back ordered and will be shipped on May $23.($Close the confirmation window advising that you are below the re$-$order point for this item.$)$

$3-$ When you have recorded the above entries, print the following reports:

a$)$ Customer Aged Detail, all customers, with terms at May $14$

b$)$ All Journal Entries for May $1$ to $14$

c$)$ Sales Journal Entries for May $1$ to $14$

d$)$ Receipts Journal Entries for May $1$ to $14$

e$)$ Income Statement for Jan $1$ to May $14$

f$)$ Pending Sales Order Detail, by Customer, May $14$