The information provided in this project 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. Chris has contracted you to set up his company using Sage 50 Accounting for general ledgers, accounts receivable, and accounts payable.

1. Change the session date to July 15, 2022 and enter the following transactions.

NOTE: Deposits and withdrawals, except credit card transactions, use Bank: Chequing Account.

Credit Card Purchase Invoice # WM-639 Dated July 2, 2022

From Chargit.

Welding Monthly, $460, plus $59.80 HST for print advertising. Purchase invoice total $519.80. Charge to Advertising expense. Paid by

Sales Invoice #128 Dated July 4, 2022

To Noya Welding, $900 plus $117 HST for welding beams for a wedding party. Invoice total, $1017. Terms 2/5, net 15.

Payment Cheque #203 Dated July 5, 2022

To Bell Canada, $150 in full payment of account. Reference invoice #BC-55112.

Cash Receipt #300 Dated July 6, 2022

From Wacky Welding, cheque #239 for $1,600 in partial payment of account. Reference invoice #108.

Sales Invoice #129 Dated July 6, 2022

To Flamer's Steel, for 5 hours of welding on steel girders, $500 plus $65 HST. Invoice total $565. Terms 2/5, net 15.

Credit Card Sales Invoice #130 Dated July 7, 2022

Sales Summary: To One-time walk-in welding customers, $360 for various types of welding jobs, plus $46.80 HST. Invoice total $406.80. The customers paid with Chargit credit cards.

Memo #1 Dated July 7, 2022

Welding supplies used during the past week amounted to $24. Adjust welding supplies account and charge to Welding supplies used expense account. Store as weekly recurring entry. (general journal)

Bank Memo # PB-77225 Dated July 8, 2022

From Paylo Bank, $1,600 for NSF cheque from Wacky Welding. Reference invoice #108 and cheque #239. The company has been notified of the unpaid account. (Receipts)

Memo #2 Dated July 8, 2022

Adjust Sales Invoice #129 to Flamer's Steel. Flamer's Steel will be using our services on a weekly basis so their rate will be reduced. The amount billed should be reduced to $400 plus $52 HST. Store the sales invoice as a weekly recurring transaction.

Memo #3 Dated July 8, 2022

Chris's welding tank exploded when a customer accidentally dropped it. Write off the welding tool equipment recorded in account # 1480 valued at $750. (5100 Damaged Tools).

Bank Debit Memo #PB-77386 Dated July 8, 2022 (general journal)

From Payblo Bank, pre-authorized bi-weekly payroll for employees.

Wages and payroll expenses $6,000.00

Payroll services fee 80.00

HST paid on purchases 10.40

Total withdrawal from chequing $6,090.40

Cheque Purchase Invoice #CP-2990 Dated July 10, 2022

From Crystal Products Inc. (use Quick Add for new supplier), $900 plus $117 HST for one welding tank to replace the destroyed tank. Invoice total $1 017 paid by cheque #204.

Purchase Invoice #WU-5331 Dated July 11, 2022

From Welds 'r Us, $600 plus $78 HST, for one arc welding torch kit. Invoice total $678. Terms net 30.

Cash Receipt #302 Dated July 11, 2022

From Wacky Welding, certified cheque #WW-44239 for $1 600 to replace NSF cheque.

Reference invoice #108 and Bank Memo # PB-77225.

Sales Invoice #131 Dated July 13, 2022

To Wacky Welding, $900 for steel welding and consultations, plus $117 HST. Invoice total $1 017.

Sales Invoice #132 Dated July 13, 2022

To Flamer's Steel, $400 plus $52 HST for 5 hours of arc welding. Invoice total $452. Terms 2/5, net 15. Recall stored entry. (Accept message)

Credit Card Sales Invoice #133 Dated July 13, 2022

To One-time customers,

150 minutes @ $1.00 each 150.00 total

HST Charged 19.50

Total amount paid by Chargit $169.50

Cash Sales Invoice #134 Dated July 14, 2022

Sales Summary: To One-time walk-in clients, $380 for various types of welding jobs, plus $49.40 HST. Invoice total $429.40. Paid by Cash.

Memo #5 Dated July 14, 2022

Welding supplies used in the past week amounted to $24. Adjust welding supplies account and charge to welding supplies used expense account. Recall stored entry. (general journal)

Bank Memo # PB-82771 Dated July 15, 2022

From Paylo Bank, $1 500 for regular monthly mortgage payment. This amount includes interest of $1200 and $300 in principal.

Answer rating: 100% (QA)

At least one account should be debi... View the full answer