Transactions: Mid May It is now May 21, 2017 Rinaldo arrives in a cheerful mood because he has just received some new sales prospects. You congratulate him and tell him about your Sage 50 experiences. He is pleased with your progress but says that because you are still new to the work, he will continue to mentor and supervise you closely over the next few weeks. Rinaldo then hands you the following list of transactions that occurred throughout mid May up to yesterday (May 20) and asks you to record them in Sage 50: Transactions from mid May 2017 May 9 Purchased 6 units DK800 desktop computers from Big Telco at $1,100 each, Invoice No. 793. May 11 Made a cash sale to Handys Electronics, Invoice No. 3060 for the following items: 6 units DK800 desktop computers for $1,700 each plus 5% sales tax 3 units Swish Phones for $1,600 each plus 5% sales tax. Received Check No. 607 for $15,750 from this customer. May 14 Purchased 8 units Zii game consoles from Big Telco for a list price of $840 each, Invoice No. 798. Issued Check No. 4082 for the full payment of this purchase. May 14 Received a sales order from Turbo Tech, Sales Order No. 9885. The following items are required to be shipped by May 24, 2017: 3 units DK800 desktop computers at $1,700 each plus 5% sales tax 7 units Tony ZIO MLP projectors at $2,200 each, plus 5% sales tax. May 15 Issued Check No. 4083 for $7,200 to pay Advanced Property Management for three month's worth of rent in advance. May 16 Ordered 10 units Tony ZIO MLP projectors for $1,420 each, from Mega Tech, Purchase Order No. 849. May 17 Sold merchandise on credit to Radio Hut, Invoice No. 3061. The items sold were: 10 units Swish Phones for $1,600 each plus 5% sales tax 9 units Zii game consoles for $1,300 each plus 5% sales tax. May 20 Received 10 units Tony ZIO MLP projectors, Invoice No. 759. These items were ordered from Mega Tech for $1,420 each, Purchase Order No. 849. Once you have finished recording the above transactions using Sage 50, Rinaldo instructs you to prepare a bank deposit ticket for any check received during the middle of May so that he can take it to the bank this afternoon. Rinaldo also asks you to print a more up-to-date trial balance that includes all transactions up until the end of yesterday (May 20, 2017). He wants to compare this trial balance to the one that you made for him earlier. In particular, he is interested to know the impact of the Mid May transactions on the accounts of the business. As usual, he will also ask you to answer several questions about Sage 50. Trial balance The updated trial balance for Intermaweb Computer as of May 8, 2017 is shown below: Intermaweb Computer General Ledger Trial Balance As of May 8, 2017 Debit Amt Credit Amt 101,055 34,103 680 Account ID Account Description 1020 Checking Account 1100 Accounts Receivable 1150 Allowance for Doubtful Account 1200 Inventory 1300 Office Supplies 1500 Property and Equipment 1900 Accum. Depreciation - Prop&Eqt 2000 Accounts Payable 2310 Sales Tax Payable 2330 Federal Payroll Taxes Payable 2600 Short Term Debt 115,270 2,208 51,000 22,477 28,653 11,864 1,980 15,000 2700 Long Term Debt-Noncurrent 41,000 3910 Retained Earnings 145,263 3930 Common Stock 55,000 124,756 4000 5000 86,779 6000 19,760 6100 6150 2,766 1,391 6400 Sales Income Cost of Goods Sold Salaries Expense Payroll Tax Expense Bad Debt Expense Utilities Expense Office Supplies Expense Telephone Expense Service Charge Expense Purchase Disc-Expense Items Depreciation Expense 3,472 2,251 6450 6500 3,954 38 6850 6900 149 7050 22,477 446,673 Total: 446,673 Receivables and payables Intermaweb Computer Aged Receivables As of May 8, 2017 Customer Handys Electronics Radio Hut 0-30 ($) 16,015 0 Turbo Tech 18,088 34,103 Report Total The updated aged payables report for Intermaweb Computer as of May 8, 2017 is shown below: Intermaweb Computer Aged Payables As of May 8, 2017 Vendor 0-30 ($) 0 Big Telco JCN Electrical Mega Tech Report Total 16,550 12,103 28,653 Intermaweb Computer General Ledger Trial Balance As of May 21, 2017 Account ID Account Description Debit Amt 1020 Checking Account 1100 Accounts Receivable Credit Amt 1150 Allowance for Doubtful Account 1200 1300 1400 1500 1900 Inventory Office Supplies Prepaid Rent Property and Equipment Accum. Depreciation - Prop&Eqt Accounts Payable Sales Tax Payable Federal Payroll Taxes Payable Short Term Debt Long Term Debt-Noncurrent 2000 2310 2330 2600 2700 3910 Retained Earnings 3930 Common Stock 4000 5000 6000 6100 6150 6400 Sales Income Cost of Goods Sold Salaries Expense Payroll Tax Expense Bad Debt Expense Utilities Expense Office Supplies Expense Telephone Expense Service Charge Expense Purchase Disc-Expense Items Depreciation Expense 6450 6500 6850 6900 7050 Total: 0 Transactions: Mid May It is now May 21, 2017 Rinaldo arrives in a cheerful mood because he has just received some new sales prospects. You congratulate him and tell him about your Sage 50 experiences. He is pleased with your progress but says that because you are still new to the work, he will continue to mentor and supervise you closely over the next few weeks. Rinaldo then hands you the following list of transactions that occurred throughout mid May up to yesterday (May 20) and asks you to record them in Sage 50: Transactions from mid May 2017 May 9 Purchased 6 units DK800 desktop computers from Big Telco at $1,100 each, Invoice No. 793. May 11 Made a cash sale to Handys Electronics, Invoice No. 3060 for the following items: 6 units DK800 desktop computers for $1,700 each plus 5% sales tax 3 units Swish Phones for $1,600 each plus 5% sales tax. Received Check No. 607 for $15,750 from this customer. May 14 Purchased 8 units Zii game consoles from Big Telco for a list price of $840 each, Invoice No. 798. Issued Check No. 4082 for the full payment of this purchase. May 14 Received a sales order from Turbo Tech, Sales Order No. 9885. The following items are required to be shipped by May 24, 2017: 3 units DK800 desktop computers at $1,700 each plus 5% sales tax 7 units Tony ZIO MLP projectors at $2,200 each, plus 5% sales tax. May 15 Issued Check No. 4083 for $7,200 to pay Advanced Property Management for three month's worth of rent in advance. May 16 Ordered 10 units Tony ZIO MLP projectors for $1,420 each, from Mega Tech, Purchase Order No. 849. May 17 Sold merchandise on credit to Radio Hut, Invoice No. 3061. The items sold were: 10 units Swish Phones for $1,600 each plus 5% sales tax 9 units Zii game consoles for $1,300 each plus 5% sales tax. May 20 Received 10 units Tony ZIO MLP projectors, Invoice No. 759. These items were ordered from Mega Tech for $1,420 each, Purchase Order No. 849. Once you have finished recording the above transactions using Sage 50, Rinaldo instructs you to prepare a bank deposit ticket for any check received during the middle of May so that he can take it to the bank this afternoon. Rinaldo also asks you to print a more up-to-date trial balance that includes all transactions up until the end of yesterday (May 20, 2017). He wants to compare this trial balance to the one that you made for him earlier. In particular, he is interested to know the impact of the Mid May transactions on the accounts of the business. As usual, he will also ask you to answer several questions about Sage 50. Trial balance The updated trial balance for Intermaweb Computer as of May 8, 2017 is shown below: Intermaweb Computer General Ledger Trial Balance As of May 8, 2017 Debit Amt Credit Amt 101,055 34,103 680 Account ID Account Description 1020 Checking Account 1100 Accounts Receivable 1150 Allowance for Doubtful Account 1200 Inventory 1300 Office Supplies 1500 Property and Equipment 1900 Accum. Depreciation - Prop&Eqt 2000 Accounts Payable 2310 Sales Tax Payable 2330 Federal Payroll Taxes Payable 2600 Short Term Debt 115,270 2,208 51,000 22,477 28,653 11,864 1,980 15,000 2700 Long Term Debt-Noncurrent 41,000 3910 Retained Earnings 145,263 3930 Common Stock 55,000 124,756 4000 5000 86,779 6000 19,760 6100 6150 2,766 1,391 6400 Sales Income Cost of Goods Sold Salaries Expense Payroll Tax Expense Bad Debt Expense Utilities Expense Office Supplies Expense Telephone Expense Service Charge Expense Purchase Disc-Expense Items Depreciation Expense 3,472 2,251 6450 6500 3,954 38 6850 6900 149 7050 22,477 446,673 Total: 446,673 Receivables and payables Intermaweb Computer Aged Receivables As of May 8, 2017 Customer Handys Electronics Radio Hut 0-30 ($) 16,015 0 Turbo Tech 18,088 34,103 Report Total The updated aged payables report for Intermaweb Computer as of May 8, 2017 is shown below: Intermaweb Computer Aged Payables As of May 8, 2017 Vendor 0-30 ($) 0 Big Telco JCN Electrical Mega Tech Report Total 16,550 12,103 28,653 Intermaweb Computer General Ledger Trial Balance As of May 21, 2017 Account ID Account Description Debit Amt 1020 Checking Account 1100 Accounts Receivable Credit Amt 1150 Allowance for Doubtful Account 1200 1300 1400 1500 1900 Inventory Office Supplies Prepaid Rent Property and Equipment Accum. Depreciation - Prop&Eqt Accounts Payable Sales Tax Payable Federal Payroll Taxes Payable Short Term Debt Long Term Debt-Noncurrent 2000 2310 2330 2600 2700 3910 Retained Earnings 3930 Common Stock 4000 5000 6000 6100 6150 6400 Sales Income Cost of Goods Sold Salaries Expense Payroll Tax Expense Bad Debt Expense Utilities Expense Office Supplies Expense Telephone Expense Service Charge Expense Purchase Disc-Expense Items Depreciation Expense 6450 6500 6850 6900 7050 Total: 0