· Web viewMar. 2Paid cash to Z96 Radio, Inc., for advertising announcing a guitar sale, $350.00....

SOUTH-WESTERN CENTURY 21 ACCOUNTINGwith Sage 50 2015

This manual explains how to use Sage 50 software with Century 21 Accounting Advanced, 10E. You will complete selected end-of-chapter problems with Sage 50 2015 software.

CONVENTIONS USED

As you work through the problems and activities, you will be expected to read and follow the step-by-step instructions. Numerous screen illustrations allow you to check your work.

The following conventions are used:

1. Information that you are to type is set in bold.Examples: 1-MPXX

Cash1-M Mastery Problem

2. Keys on the keyboard that should be pressed appear as shown below.Example: <Enter>

3. Sequential menu selections are separated by >.Example: Start>All Programs>Sage 50 Accounting 2015

4. Names of buttons appear in bold.

5. Unnamed buttons and picture icons are shown as they actually appear on the screen.

Examples:

1-3 Application Problem

Journalizing and Posting Departmental Cash Payments

The instructions that follow demonstrate how to:

Start Sage 50 2015.

Restore the starting data.

Journalize and post Cash Disbursements Journal transactions.

Complete 1-3 Application Problem.

Before starting 1-3 Application Problem, ask the instructor if Step Music, the company used for 1-3 Application Problem, has already been restored. If Step Music exists as a Sage 50 company, remember to restore An Existing Company rather than a new company.

GETTING STARTED

Restore the 01-3 AP.ptb file. Each time you begin a problem, restore the starting data from a Sage 50 file. Then, make the appropriate selections to display the Company Information window to include your initials in the company name.

Step Music is a corporation that has two departments: Guitars and Keyboards. Change the company name from Step Music to 01-3 AP (X’s represent your initials).

Nothing has changed on your computer’s hard drive. In Windows 7, this company is identified in the program folder and data folder as C:\Sage\Peachtree\Company\stemusic. The company name has been changed so that Sage 50 printouts will show the problem number and your initials. Using Maintain; Company Information to rename the company does not change the shortened company name.

CHANGING THE COMPANY NAME

Before recording transactions for 1-3 Application Problem, look at the company information included on the 01-3 AP.ptb file. Follow these steps to look at company information.

1. The Step Music menu bar should be displayed. From the menu bar, click on Maintain; Company Information. The Maintain Company Information window appears. Compare your Maintain Company Information window to the one shown on the next page.

Observe that the Company Name field shows Step Music. The Form of Business field shows Corporation. In Windows 7, the Directory field shows the location on the hard drive where the company data is stored – C:\Sage\Peachtree\Company \stemusic. When a company is created in Sage 50, the company name is shortened. The shortened company name is added to Peachtree’s Program and data path. If you are working in a computer lab, Sage 50’s location may differ.

2. In order to make sure that each printout displays your name and the problem number, in the Company Name field, type 01-3 APXX. Replace the X’s with your initials.

Read Me

Why do I have to change the company name?

You change the company name so that printouts will show the problem number and your initials. (The instructor may require different directions.) After the company name is changed, when Sage 50 is started at a later time, the company will appear with its new name.

DISPLAYING THE CHART OF ACCOUNTS

The 01-3 AP.ptb file contains starting data for 1-3 Application Problem. This file includes a chart of accounts for Step Music. Follow these steps to display the chart of accounts that is included in the starting data for 1-3 Application Problem.

1. From the menu bar, select Reports & Forms, then General Ledger.

2. The Select a Report or Form window appears. In the General Ledger Account Information list, click on Chart of Accounts.

3. Click .

4. The Chart of Accounts window appears. Compare your chart of accounts to the one shown.

JOURNALIZING TRANSACTIONS

From the textbook, use the March transactions to journalize and post to the cash disbursements journal. (In Sage 50, the cash payments journal is called the cash disbursements journal.) The instructions that follow explain the steps for journalizing and posting to the Cash Disbursements Journal. For purposes of entering transactions, use 2013 as the year.

Cash Disbursements Journal: Paying Cash for Expenses

Use these steps to journalize and post the March 2 transaction.

Date Transaction

Mar. 2 Paid cash to Z96 Radio, Inc., for advertising announcing a guitar sale, $350.00. C642.

Each time you pay a vendor in Sage 50, you use the cash disbursements journal (this is referred to as the cash payments journal in the textbook). This is done by selecting Tasks, then Payments from the menu bar or through the navigation bar. The following instructions demonstrate how to access the Payments window from the navigation bar.

1. From the navigation bar, select and click on the

icon. Then, choose the Pay Bill.

2. The Select a Cash Account window appears.

3. Make sure Cash is selected; then click . The Payments window appears.

4. In the Name field, type Z96 Radio.

5. Type C642 as the Check/Reference No. field..

6. Type or select 2 in the Date field.

7. In the Description field type Advertising Expense -- Guitars.

8. In the GL Account field select 6105 – Advertising Expense–Guitars.

9. In the Amount field type 350.00.

10. Post (Save) this payment, and then close the Payments window.

Cash Disbursements Journal: Making a Vendor Payment

Use these steps to journalize and post the March 5 transaction.

Date Transaction

Mar. 5 Paid cash on account to Airways Music covering P584 for a keyboard, $1980.60, less 2% discount. C643.

1. From the Navigation bar, select and click on the

icon. Then, choose Pay Bill.

2. The Payments window appears. Make sure Account No. 1105 - Cash is selected in the Cash account field.

3. In the Vendor ID field, select 210 – Airways Music.

4. Type C643 as the Check/Reference No. field.

5. Type or select 5 in the Date field. Notice that the Apply to Invoices tab is selected and that Invoice No. P584 is shown.

6. Type 39.61 in the Discount column.

Read Me

Since the March 5, 2013 transaction is payment for Airways Music’s invoice from February 26, 2013, you need to type the 2% discount of $39.61 ($1,980.60 x 2%). On March 5, payment is made to Step Music, less a 2% discount. Sage 50 will automatically compute Airways Music’s check amount.

7. Click on the Pay box. The upper portion of the Payments window shows a check. Notice that once you clicked the Pay box 1,940.99 is automatically completed in the $ field. Also, confirm the Discount Account field shows Account No. 5210, Purchases Discounts--Keyboards.

8. Post (Save) this payment, and then close the Payments window.

Printing the Cash Disbursements Journal

1. From the Reports & Forms List, select Accounts Payable; Cash Disbursements Journal.

2. Make the selections to print.

Printing the Purchases Journal

1. From the Reports & Forms List, select Purchase Journal.


3. Back up. The suggested file name is 1-3 Application Problem.ptb.

You have completed the work for 1-3 Application Problem Journalizing and posting departmental cash payments.

1 Mastery Problem

Journalizing Departmental Purchases and Cash Payments


Start Sage 50 2015.


Journalize and post Cash Disbursements Journal transactions.

Complete 1 Mastery Problem.

Before starting 1 Mastery Problem, ask the instructor if Jan’s Jewelry, the company used for 1 Mastery Problem, has already been restored. If Jan’s Jewelry exists as a Sage 50 company, remember to restore An Existing Company rather than a new company.

GETTING STARTED

Restore the 01-MP.ptb file. Each time you begin a problem, restore the starting data from a Sage 50 file. Then, make the appropriate selections to display the Company Information window to include your initials in the company name.

Jan’s Jewelry is a corporation that has two departments: Costume and Fine. Change the company name from Jan’s Jewelry to 01-MP (X’s represent your initials).

Nothing has changed on your computer’s hard drive. In Windows 7, this company is identified in the program folder and data folder as C:\Sage\Peachtree\Company\janjewel. The company name has been changed so that Sage 50 printouts will show the problem number and your initials. Using Maintain; Company Information to rename the company does not change the shortened company name.


The 01-MP.ptb file contains starting data for 1-M Mastery Problem. This file includes a chart of accounts for Jan’s Jewelry. Follow these steps to display the chart of accounts that is included in the starting data for 1-M Mastery Problem.

1. Restore the 01-MP.ptb file.

2. If the Getting Started window appears, click on the close button.



5. Click .



From the textbook, use the August transactions to journalize and post to the purchase journal and to the cash disbursements journal. (In Sage 50, the cash payments journal is called the cash disbursements journal.) The instructions that follow explain the steps for journalizing and posting to the purchase journal. For purposes of entering transactions, use 2013 as the year.

Purchase Journal: Purchasing Jewelry on Account

Use these steps to journalize and post the August 2 transaction.

Date Transaction

Aug. 2 Purchased fine jewelry on account from Austin Creations, $4,367.00. P567.

Each time you purchase items from a vendor in Sage 50, you use the purchase journal. This is done by selecting Tasks, then Purchases/Receive Inventory from the menu bar or through the navigation bar. The following instructions demonstrate how to access the Purchases/Receive Inventory window from the navigation bar.

1. From the navigation bar, select and click on the

icon. Then, choose New Bill.

2. In the Vendor ID field, select 210 – Austin Creations.

3. Type or select 2 in the Date field. Notice that the Apply to Purchases tab is selected. .

4. Type P567 as the Invoice No.

5. In the Description field type Purchased fine jewelry on account.

6. In the GL Account field select 5205 – Purchases—Fine

7. In the Amount field type $4367.00.

8. Post (Save) this purchase, and then close the Purchases/Receive Inventory window.

Printing the Cash Disbursements Journal

1. From the Reports & Forms List, select Accounts Payable; Cash Disbursements Journal.


Printing the Purchases Journal

4. From the Reports & Forms List, select Purchase Journal.


6. Back up. The suggested file name is 1 Mastery Problem.ptb.

You have completed the work for 1-M Mastery Problem Journalizing departmental purchases and cash payments.


Journalizing and Posting Departmental Cash Receipts


Start Sage 50 2015.


Journalize and post customer transactions on account in the cash receipts journal.


Before starting 2-2 Application Problem, ask the instructor if Nelson Auto Parts, the company used for 2-2 Application Problem, has already been restored. If Nelson Auto Parts exists as a Sage 50 company, remember to restore An Existing Company rather than a new company.

GETTING STARTED


Jan’s Jewelry is a corporation that has two departments: Parts and Tires. Change the company name from Nelson Auto Parts to 02-2 AP (X’s represent your initials).

Nothing has changed on your computer’s hard drive. In Windows 7, this company is identified in the program folder and data folder as C:\Sage\Peachtree\Company nelautpa. The company name has been changed so that Sage 50 printouts will show the problem number and your initials. Using Maintain; Company Information to rename the company does not change the shortened company name.


The 02-2 AP.ptb file contains starting data for 2-2 Application Problem. This file includes a chart of accounts for Nelson Auto Parts. Follow these steps to display the chart of accounts that is included in the starting data for 2-2 Application Problem.



3. Click .



From the textbook, use the June transactions to journalize and post to the cash receipts journal. The instructions that follow explain the steps for journalizing and posting to the cash receipts journal. For purposes of entering transactions, use 2013 as the year.

Cash Receipts Journal: Receiving Customer Payments on Account

1. From the Navigation bar, select and click on the

icon, then choose Receive Money from Customer. The Select a Cash Account window appears.

2. Make sure Cash is selected. Click . The Receipts window appears.

3. Your cursor is in the Deposit ticket ID field. Type the transaction date 06/03/13 and press the <Enter> key.

4. In the Customer ID field, select Sam’s Service Station. Observe that the Apply to Invoices tab is selected.

5. Type S624 in the Check/Reference No. field. Press <Enter>.

6. Type R668 in the Receipt number field. Press <Enter>.

7. Type 3 in the Date field. Press <Enter>.

8. Verify that Account No. 1105, Cash, is displayed in the Cash Account field. Observe that the Balance field displays 4,218.94. That is the starting balance in Account No. 1105, Cash.

9. If necessary, click on the Apply to Invoices tab.

10. Type Received cash on account in the Description column. Press <Enter>.

11. In the Discount field, type $12.50.

12. Click the Pay box for Invoice S624 to place a check mark in it. Observe that the Amount Paid column and the Receipt Amount fields (612.45) are automatically completed.

13. Post (Save) this cash receipt on account, and then close the Receipts window.

Printing the Cash Receipts Journal

1. From the Reports & Forms List, select Accounts Receivable; Cash Receipts Journal.

2. Make the selections to print the June 1 – 30, 2013 Cash Receipts Journal.

Printing the Sales Journal

1. From the Reports & Forms List, select Sales Journal.

2. Make the selections to print the May 1 – June 31, 2013 Sales Journal.


You have completed the work for 2-2 Application Problem Journalizing and posting departmental cash receipts.

2 Mastery Problem

Journalizing Departmental Sales, Sales Returns and Allowances, and Cash Receipts


Start Sage 50 2015.


Journalize and post customer transactions on account to the sales journal and the cash receipts journal.


Before starting 2 Mastery Problem, ask the instructor if Maynard Office Supply, the company used for 2-M Mastery Problem, has already been restored. If Maynard Office Supply exists as a Sage 50 company, remember to restore An Existing Company rather than a new company.

GETTING STARTED


Maynard Office Supply is a corporation that has two departments: Equipment and Supplies. Change the company name from Maynard Office Supply to 02-MP (X’s represent your initials).

Nothing has changed on your computer’s hard drive. In Windows 7, this company is identified in the program folder and data folder as C:\Sage\Peachtree\Company\mayoffsu. The company name has been changed so that Sage 50 printouts will show the problem number and your initials. Using Maintain; Company Information to rename the company does not change the shortened company name.


The 02-MP.ptb file contains starting data for 2-M Mastery Problem. This file includes a chart of accounts for Maynard Office Supply. Follow these steps to display the chart of accounts that is included in the starting data for 2-M Mastery Problem.


2. The Select a Report or Form window appears. In the General Ledger Account

Information list, click on Chart of Accounts.

3. Click .



From the textbook, use the May transactions to journalize and post to the sales journal. The instructions that follow explain the steps for journalizing and posting to the sales journal, which in Sage 50, also includes sales returns. For purposes of entering transactions, use 2013 as the year.

Sales Journal: Sales on Account

The following May 4 sales journal transaction is shown. The sales tax rate for the 2-M Mastery Problem is 5%.

Date Transaction

May 4 Sold equipment on account to Eastern Reality, $1,842.20, plus sales tax. S578.

In Sage 50, the Sales/Invoicing task functions as the Sales Journal. Each time you enter a credit sale, Sage 50 automatically debits the customer’s account and Accounts Receivable. When using a chart of accounts that’s reflective of departmental accounting, the credit side of the transaction must be specified. In terms of Maynard Office Supply, the two sales accounts are 4105 Sales—Equipment or 4205 Sales--Supplies.

Instructions

1. From the Navigation bar select , and click on the

icon. Then, select New Sales Invoice. The Sales/Invoicing window appears.

2. Your cursor is in the Customer ID field. select Eastern Reality as the customer.

3. Type 4 (or select 4) as the Date.

4. Type S578 in the Invoice No. field. Press <Enter>.

5. Make sure that the Apply to Sales tab is selected.

6. Type 1 in the Quantity column. Press <Enter> two times.

7. Type Sold merchandise on account in the Description column. Press <Enter>.

8. Select Account No. 4105, Sales--Equipment, in the GL Account column.

9. Type 1842.25 in the Unit Price column.

10. In the Sales tax: field click the magnifying glass icon . Observe that the Net Amount Due is $1934.36. (Hint: This is shown at the bottom of the Sales/Invoicing window).

11. Select MI to automatically compute the 5.0% tax rate.

12. Post (Save) this Sale, and then close the Sales/Invoicing window.

Sales Returns: Credit Memos

To record a sales return use Sage 50’s Credit Memos task. This transaction will post to the sales journal.

Date Transaction

May 7 Granted credit to Eastern Reality for equipment returned, $295.00, plus sales tax, from S578; total, $52.92. CM38.

1. From the Navigation bar, select , then click on the

icon and select New Credit Memo. The Credit Memos window appears.

2. In the Customer ID field, select 120 -- Eastern Reality.


4. Type CM38 in the Credit No. field. Press <Enter>.

5. Make sure the Apply to Invoice No. tab is selected and click on the magnifying

glass icon to select S578 .

6. Type 1 in the Returned column.

7. Type Returned equipment on account in the Description column. Press <Enter>.

8. In the GL Account column, select Account No. 4115, Sales Returns & Allow.—Equipment.

9. Type 295.00 in the Unit Price column; press <Enter> two times.

10. In the Sales tax lookup up field select MI to automatically compute Sales Tax amount of $14.75.

11. Post (Save) this sales return, and then close the Credit Memos window.

Printing the Cash Receipts Journal

1. From the Reports & Forms List, select Accounts Receivable; Cash Receipts Journal.

2. Make the selections to print the May 1 - 31, 2013 Cash Receipts Journal.

Printing the Sales Journal

1. From the Reports & Forms List, select Sales Journal.

2. Make the selections to print the April 1 – May 31, 2013 Sales Journal.


You have completed the work for 2-M Mastery Problem Journalizing departmental sales, sales returns and allowances, and cash receipts.

3 Mastery Problem

Preparing Payroll Checks


Start Sage 50 2015.


Journalize and post payroll transactions.


Before starting 3 Mastery Problem, ask the instructor if Coastline Flooring, the company used for 3 Mastery Problem, has already been restored. If Coastline Flooring exists as a Sage 50 company, remember to restore An Existing Company rather than a new company.

GETTING STARTED


Jan’s Jewelry is a corporation that has two departments: Parts and Tires. Change the company name from Coastline Flooring to 03-MP (X’s represent your initials).

Nothing has changed on your computer’s hard drive. In Windows 7, this company is identified in the program folder and data folder as C:\Sage\Peachtree\Company\coafloor. The company name has been changed so that Sage 50 printouts will show the problem number and your initials. Using Maintain; Company Information to rename the company does not change the shortened company name.


The 03-MP.ptb file contains starting data for 3 Mastery Problem. This file includes a chart of accounts for Coastline Flooring. Follow these steps to display the chart of accounts that is included in the starting data for 3 Mastery Problem.



3. Click .


JOURNALIZING PAYROLL TRANSACTIONS

Coastline Flooring’s net payroll for the pay period ended October 4, 2013, is $6,188.24. Payroll checks are prepared on October 7, 2013.

Complete the payroll information for Shekela M. Shipp and DeShawn O. Ward in the Payroll Register in the Student Working Papers. Use this information to journalize and post transactions in the Cash Disbursements Journal. Detailed steps are shown below for making a payment of federal payroll taxes through the Electronic Federal Tax Payment System (EFTPS)

Date Transaction

Oct 7 Payroll Check No. 841Salary Expense—Carpet $4,243.48Salary Expense—Drapery $3,502.11Salary Expense—Administrative $1,328.00Deductions:

Employee Income Tax Payable—Fed. $699.00Employee Income Tax Payable—St. $272.20

Social Security Tax Payable $562.57Medicare Tax Payable $131.58Medical Insurance Payable $525.00

Retirement Plan Payable $695.00

General Journal Entry: Employer Payroll Taxes

Use these steps to journalize and post the October 7 transaction.

Date Transaction

Oct. 7 Recorded employer’s payroll taxes for the pay period ended October 4. Memorandum No. 44.

1. From Peachtree’s Navigation bar, select to display the

Company page. Then, click on the icon and select New General Journal Entry. (An alternate way to access the General Journal Entry window is, from the menu bar select Tasks; General Journal Entry).

2. The General Journal Entry window appears.

3. Type or select 7 is in the Date field. (Hint: For purposes of using Sage 50, the year is 2013.)

4. Your cursor is in the Reference field. Type M44, then press <Enter> two times.

5. Your cursor is in the GL Account field. Observe that the GL Account field has a

magnifying-glass icon . Click on the (magnifying-glass icon) and a chart of accounts list pops up. Select 6110 – Payroll Taxes Expense—Carpet

pressing <Enter> or clicking on .

4. Type Payroll Taxes Expense--Carpet in the Description column, then press <Enter>.

5. Your cursor is in the Debit column. Type 383.02 in the Debit column. Type 383.02 again. Your entry should appear as 383.02 in the Debit column. Press <Enter> three times.

6. Your cursor is in the GL Account column. Click on the , then select Account No. 6210, Payroll Taxes Expense--Drapery.

7. Your cursor is in the Description column. Type Payroll Taxes Expense—Drapery as the description. Press the <Enter> key one time.

8. Your cursor is in the Debit column. Type 267.91 as the debit. Observe that the Debit column shows 267.91. Press <Enter> three times.

9. Your cursor is in the GL Account column. Click on the , then select Account No. 7130, Payroll Taxes Expense--Administrative

10.Your cursor is in the Description column. Type Payroll Taxes Expense—Administrative as the description. Press the <Enter> key one time.

11. Your cursor is in the Debit column. Type 181.28 as the debit. Observe that the Debit column shows 181.28. Press <Enter> three times.

12. Complete the four remaining credit entries.

13. The “Out of Balance” field is 0.00. This shows that your debits equal your credits. Compare your General Journal Entry screen with the one displayed on the next page.

14. Post (Save) this general journal entry, and then close the General Journal Entry window.

Cash Disbursements Journal: Employer Payment of Federal Payroll Taxes

Use these steps to journalize and post the October 15 transaction.

Date Transaction

Oct. 15 Made a deposit using the EFTPS for employee and employer payroll taxes for the September pay periods: employee federal income tax withholding, $1,318.00; social security tax, $2,285.70; and Medicare tax, $534.61. Memorandum No. 45.

Each time you pay a vendor in Sage 50, you use the cash disbursements journal (referred to as the cash payments journal in the textbook). This is done by selecting Tasks, then Payments from the menu bar or through the navigation bar. The following instructions demonstrate how to access the Payments window from the navigation bar.

1. From the navigation bar, select and click on the icon. Then, choose Pay Bill.

2. In the Name field, type EFTPS.

3. Type M45 as the Check Number.


5. In the Description field type Employee Income Tax Pay.—Fed.

6. In the GL Account field select 2215 – Employee Income Tax Pay.—Fed.

7. In the Amount field type 1,318.00.

8. In the Description field type Social Security Tax Payable.

9. In the GL Account field select 2225 – Social Security Tax Payable.

10. In the Amount field type 2,285.70.

11. In the Description field type Medicare Tax Payable.

12. In the GL Account field select 2230 – Medicare Tax Payable.

13. In the Amount field type 534.61.

14. Post (Save) this cash disbursement, and then close the Payments window.

15. Print the October 1 – 31, 2013 cash disbursements journal.

16. Print the October 1 – 31, 2013 general journal.

17. Print the general ledger trial balance, as of October 31, 2013.


3 Source Documents Problem

Completing Payroll Records, Journalizing Payment of a Payroll, and Journalizing Payroll Taxes.

The instructions that follow demonstrate how:

Start Sage 50 2015.


Journalize and post payroll transactions.

Complete 3 Source Documents Problem.

Before starting 3 Source Documents Problem, ask the instructor if Exterior Design, the company used for 3 Source Documents Problem, has already been restored. If Exterior Design exists as a Sage 50 company, remember to restore An Existing Company rather than a new company.

GETTING STARTED

Restore the 03-SD.ptb file. Each time you begin a problem, restore the starting data from a Sage 50 file. Then, make the appropriate selections to display the Company Information window to include your initials in the company name.

Exterior Design is a corporation that has two departments: Doors and Windows. Change the company name from Exterior Designs to 03-SD (X’s represent your initials).

Nothing has changed on your computer’s hard drive. In Windows 7, this company is identified in the program folder and data folder as C:\Sage\Peachtree\Company\ extdesig. The company name has been changed so that Sage 50 printouts will show the problem number and your initials. Using Maintain; Company Information to rename the company does not change the shortened company name.


The 03-SD.ptb file contains starting data for 3 Source Documents Problem. This file includes a chart of accounts for Exterior Design. Follow these steps to display the chart of accounts that is included in the starting data for 3 Source Documents Problem.



3. Click .


JOURNALIZING PAYROLL TRANSACTIONS

Exterior Design net payroll for the pay period ended July 9, 2013, is $5,260.02. Payroll checks are prepared on July 13, 2013.

Complete the payroll information for Daniel C. Pizzo and Mary E. Verdell in the Payroll Register in the Student Working Papers. Use this information to journalize and post transactions in the cash disbursements journal.

Date Transaction

Jul 13 Payroll Check No. 905Salary Expense—Doors $3,137.16Salary Expense—Windows $3,140.48Salary Expense—Administrative $1,925.00Deductions:

Employee Income Tax Payable—Fed. $677.00Employee Income Tax Payable—St. $328.11

Social Security Tax Payable $508.57Medicare Tax Payable $118.94Medical Insurance Payable $730.00

Retirement Plan Payable $580.00

1. Journalize and post the July 13 employer’s payroll taxes transaction to the General Journal.

2. Print the July 1 – 31, 2013 Cash Disbursements Journal.

3. Print the July 1 – 31, 2013 General Journal.

4. Print the general ledger trial balance, as of July 31, 2013.


Journalizing closing entries


Start Sage 50 2015.


Journalize and post adjusting and closing entries


Before starting 4-4 Application Problem, ask the instructor if Sunset Sports, Inc., the company used for 4-4 Application Problem, has already been restored. If Sunset Sports, Inc. exists as a Sage 50 company, remember to restore An Existing Company rather than a new company.

GETTING STARTED


Sunset Sports, Inc. is a corporation that has two departments: Golf and Tennis. Change the company name from Sunset Sports, Inc. to 04-4 AP (X’s represent your initials).

Nothing has changed on your computer’s hard drive. In Windows 7, this company is identified in the program folder and data folder as C:\Sage\Peachtree\Company\sunspoin. The company name has been changed so that Sage 50 printouts will show the problem number and your initials. Using Maintain; Company Information to rename the company does not change the shortened company name.

DISPLAYING THE TRIAL BALANCE

The 04-4 AP.ptb file contains starting data for 4-4 Application Problem. This file includes an unadjusted trial balance for Sunset Sports, Inc. Follow these steps to display the unadjusted trial balance that is included in the starting data for 4-4 Application Problem.


2. The Select a Report or Form window appears. In the General Ledger Account Information list, click on General Ledger Trial Balance.

3. Click .

4. The Chart of Accounts window appears. Compare your chart of accounts to the one shown

.

General Journal: Journalizing and posting adjusting and closing entries

1. Journalize and post the December 31, 2013 adjusting entries.

2. Print the December 1-31, 2013 general journal.

3. Print the Income Statement.

4. Print the Balance Sheet.

5. Print the adjusted trial balance, as of December 31, 2013.

6. Journalize and post closing entries to the general journal.

7. Print the post-closing trial balance, as of December 31, 2013.

8. Back up. The suggested file name is 4-4 Application Problem.ptb

You have completed the work for 4-4 Application Problem Journalizing closing entries.

4 Mastery Problem

Completing End-of-fiscal-period Work for a Departmentalized Merchandising Business.


Start Sage 50 2015.


Journalize and post adjusting and closing entries.


Before starting 4 Mastery Problem, ask the instructor if Forde Furniture Gallery, the company used for 4 Mastery Problem, has already been restored. If Forde Furniture Gallery exists as a Sage 50 company, remember to restore An Existing Company rather than a new company.

GETTING STARTED


Forde Furniture Gallery is a corporation that has two departments: Antique and Modern. Change the company name from Forde Furniture Gallery to 04-MP (X’s represent your initials).

Nothing has changed on your computer’s hard drive. In Windows 7, this company is identified in the program folder and data folder as C:\Sage\Peachtree\Company\forfurga. The company name has been changed so that Sage 50 printouts will show the problem number and your initials. Using Maintain; Company Information to rename the company does not change the shortened company name.


The 04-MP.ptb file contains starting data for 4-M Mastery Problem. This file includes an unadjusted trial balance for Forde Furniture Gallery. Follow these steps to display the unadjusted trial balance that is included in the starting data for 4-M Mastery Problem.



3. Click .


General Journal: Journalizing and posting adjusting and closing entries

1. Journalize and post the December 31, 2013 adjusting entries.

2. Print the December 1-31, 2013 general journal.

3. Print the Income Statement.

4. Print the Balance Sheet.

5. Print the adjusted trial balance, as of December 31, 2013.


7. Print the post-closing trial balance, as of December 31, 2013.

8. Back up. The suggested file name is 4 Mastery Problem.ptb

You have completed the work for 4 Mastery Problem Completing end-of-fiscal-period work for a departmentalized merchandising business

Reinforcement Activity 1

Processing and Reporting Departmental Accounting Data


Start Sage 50 2015.


Journalize and post December 2013 entries.

Journalize and post adjusting and closing entries

Complete Reinforcement Activity 1.

Before starting Reinforcement Activity 1, ask the instructor if Jewel’s Kitchen, Inc., the company used for Reinforcement Activity 1, has already been restored. If Jewel’s Kitchen, Inc. exists as a Sage 50 company, remember to restore An Existing Company rather than a new company.

GETTING STARTED

Restore the RA-01.adv.ptb file. Each time you begin a problem, restore the starting data from a Sage 50 file. Then, make the appropriate selections to display the Company Information window to include your initials in the company name.

Jewel’s Kitchen, Inc. is a corporation that has two departments: Equipment and Accessories. Change the company name from Jewel’s Kitchen, Inc. to RA-01XX (X’s represent your initials).

Nothing has changed on your computer’s hard drive. In Windows 7, this company is identified in the program folder and data folder as C:\Sage\Peachtree\Company\jewkitin. The company name has been changed so that Sage 50 printouts will show the problem number and your initials. Using Maintain; Company Information to rename the company does not change the shortened company name.


The RA-01.adv.ptb file contains starting data for Reinforcement Activity 1. This file includes a trial balance for Jewel’s Kitchen, Inc. that will be used as the starting point for this exercise. Follow these steps to display the trial balance.



7. Click .


Journalizing December 2013 transactions

1. Journalize and post transactions to the purchases journal, sales journal, cash receipts journal and cash disbursements journal.

2. Journalize the December 18, 2013 and December 30, 2013 transactions to the general journal.

3. Print the unadjusted trial balance, as of December 31, 2013.

4. Journalize and post the adjusting entries to the general journal.

5. Print the income statement (Year to date net income $44,715.00).

6. Print the balance sheet, statement of retained earnings and December 18 – December 31, 2013 general journal.

7. Print the purchases journal, sales journal, cash receipts journal and cash disbursements journal.

8. Print the customers ledgers and the vendors ledgers.

9. Back up. The suggested file name RA-01.adv.adjusted.ptb.

10.Close the fiscal year by utilizing Sage 50’s Year-End Wizard. (From the menu bar, click Tasks, System, then choose Year-End Wizard).

11.Print the post-closing trial balance.

12.Back up. The suggested file name RA-01.adv.closing.ptb.


Determining Inventory Cost Using FIFO, LIFO, Weighted-Average, and Lower of Cost or Market


Start Sage 50 2015.




Before starting 5-2 Application Problem, ask the instructor if Bridges, Inc., the company used for 5-2 Application Problem, has already been restored. If Bridges, Inc. exists as a Sage 50 company, remember to restore An Existing Company rather than a new company.

GETTING STARTED


Forde Furniture Gallery is a corporation that has two departments: Antique and Modern. Change the company name from Forde Furniture Gallery to 04-MP (X’s represent your initials).

Nothing has changed on your computer’s hard drive. In Windows 7, this company is identified in the program folder and data folder as C:\Sage\Peachtree\Company\forfurga. The company name has been changed so that Sage 50 printouts will show the problem number and your initials. Using Maintain; Company Information to rename the company does not change the shortened company name.

DISPLAYING THE SALES JOURNAL

The 05-2 AP_FIFO.ptb file contains starting data for 5-2 Application Problem. This file includes the January 1, 2013 – December 31, 2013 Sales Journal. Follow these steps to display the Sales Journal that is included in the starting data for 5-2 Application Problem.

1. From the menu bar, select Reports & Forms, then Accounts Receivable.

2. The Select a Report or Form window appears. In the Accounts Receivable:

Customer and Sales Account Information list, click on Sales Journal.

3. From the icon bar, click on . The Modify Report – Sales Journal window appears.

4. In the From: field select Jan 1, 2013. In the To: field select Dec 31, 2013.

5. Click .

Journalizing and Posting Inventory Related Transactions.

1. Using 2013, journalize and post each of the following transactions. You do not need to change accounting periods.

Stock Item: B26Purchases

DateUnits

Purchased

Total Cost

Beginning Inventory 6 $6.50January 15 6.60March 18 6.60July 15 6.80October 20 6.80

Stock Item: C45Purchases

DateUnits

Purchased

Total Cost

Beginning Inventory 72 $8.50March 90 8.60June 80 8.62August 90 8.68December 90 8.72

Stock Item: D55Purchases

DateUnits

Purchased

Total Cost

Beginning Inventory 3 $12.62February 9 12.60May 12 12.60September 9 12.50November 15 11.95

2. Record purchases of inventory on account in the Purchases/Receive Inventory window.

3. Print the January 1, 2013 to December 31, 2013 Purchase Journal.

4. Print the Item Costing Report. From the menu bar, select Reports & Forms;

Inventory. Highlight Item Costing Report. From the icon bar, click .

5. In the From: field select Jan 1, 2013. In the To: field select Dec 31, 2013.

6. Click .

7. Back up. The suggested file name is 5 Application Problem_FIFO.ptb.

8. Restore the 05-2AP_AVERAGE.ptb file.


10. Print the January 1, 2013 to December 31, 2013 Sales Journal.


12. Print the January 1, 2013 to December 31, 2013 Item Costing Report.

13. Back up. The suggested file name is 5 Application Problem_AVERAGE.ptb.

14. Restore the 05-2AP_LIFO.ptb file.


16. Print the January 1, 2013 to December 31, 2013 Sales Journal.


18. Print the January 1, 2013 to December 31, 2013 Item Costing Report.

19. Back up. The suggested file name is 5 Application Problem_LIFO.ptb.


Estimating Amount of Uncollectible Accounts Expense; Journalizing the Adjusting Entry


Start Sage 50 2015.




Before starting 6-2 Application Problem, ask the instructor if Wimberly Corporation, the company used for 6-2 Application Problem, has already been restored. If Wimberly Corporation exists as a Sage 50 company, remember to restore An Existing Company rather than a new company.

GETTING STARTED


Wimberly Corporation’s aging accounts receivable as of December 31 of the current year is presented in the Working Papers. Change the company name from Wimberly Corporation to 06-2 APXX (X’s represent your initials).

Nothing has changed on your computer’s hard drive. In Windows 7, this company is identified in the program folder and data folder as C:\Sage\Peachtree\Company\wimcorpo. The company name has been changed so that Sage 50 printouts will show the problem number and your initials. Using Maintain; Company Information to rename the company does not change the shortened company name.


The 06-2 AP.ptb file contains starting data for 6-2 Application Problem. This file includes a trial balance for Wimberly Corporation. Follow these steps to display the trial balance that is included in the starting data for 6-2 Application Problem.



3. Click .

4. The General Ledger Trial Balance appears.

Journalizing Transactions Related to Allowance for Uncollectible Accounts.

1. Journalize and post transactions related to allowance for uncollectible accounts to the cash receipts journal. For purposes of entering transactions, use 2014 as the year.

2. Journalize and post accounts receivable transactions previously written off as uncollectible to the sales journal and cash receipts journal.

3. Journalize and post the December 31, 2014 adjusting entry related to the estimated addition to allowance for uncollectible accounts. If necessary, use the Student Working Papers to compute.

4. Print the November 13, 2013 to June 30, 2014 sales journal

5. Print the January 1, 2014 to June 30, 2014 cash receipts journal.

6. Print the December 1 – 31, 2014 general journal.


6 Mastery Problem

Journalizing Entries for Uncollectible Accounts—Allowance Method; Calculating and Journalizing the Adjusting Entry for Uncollectible

Accounts Expense


Start Sage 50 2015.




Before starting 6 Mastery Problem, ask the instructor if West River, Inc., the company used for 6 Mastery Problem, has already been restored. If West River, Inc. exists as a Sage 50 company, remember to restore An Existing Company rather than a new company.

GETTING STARTED


West River, Inc. aging accounts receivable as of December 31 of the current year is presented in the Working Papers. Change the company name from West River, Inc. to 06-MPXX (X’s represent your initials).

Nothing has changed on your computer’s hard drive. In Windows 7, this company is identified in the program folder and data folder as C:\Sage\Peachtree\Company\wesrivin. The company name has been changed so that Sage 50 printouts will show the problem number and your initials. Using Maintain; Company Information to rename the company does not change the shortened company name.


The 06-MP.ptb file contains starting data for 6-M Mastery Problem. This file includes a chart of accounts for West River, Inc. Follow these steps to display the chart of accounts that is included in the starting data for 6 Mastery Problem.

1. From the menu bar, select Reports & Forms, then General Ledger.2. The Select a Report or Form window appears. In the General Ledger Account

Information list, click on General Ledger Trial Balance.

Journalizing Transactions Related to Allowance for Uncollectible Accounts.

1. Journalize and post transactions related to allowance for uncollectible accounts to the cash receipts journal. For purposes of entering transactions, use 2014 as the year.

2. Journalize and post accounts receivable transactions previously written off as uncollectible to the sales journal and cash receipts journal.

3. Journalize and post the December 31, 2014 adjusting entry.

4. Print the November 13, 2013 to June 30, 2014 sales journal

5. Print the January 1, 2014 to June 30, 2014 cash receipts journal.

6. Print the December 1 – 31, 2014 general journal.



Recording the disposal of plant assets


Start Sage 50 2015.


Journalize and post general journal entries.


Before starting 7-3 Application Problem, ask the instructor if McKenzie Corporation, the company used for 7-3 Application Problem, has already been restored. If McKenzie Corporation exists as a Sage 50 company, remember to restore An Existing Company rather than a new company.

GETTING STARTED


McKenzie Corporation sold several plant assets. Change the company name from McKenzie Corporation to 07-3 APXX (X’s represent your initials).

Nothing has changed on your computer’s hard drive. In Windows 7, this company is identified in the program folder and data folder as C:\Sage\Peachtree\Company\mckcorpo. The company name has been changed so that Sage 50 printouts will show the problem number and your initials. Using Maintain; Company Information to rename the company does not change the shortened company name.


The 07-3 AP.ptb file contains starting data for 7-3 Application Problem. This file includes a trial balance for McKenzie Corporation. Follow these steps to display the trial balance that is included in the starting data for 7-3 Application Problem.



3. Click .


Journalizing entries in the General Journal

1. Journalize and post transactions related to recording the disposal of plant assets to the cash receipts journal.

2. Journalize and post depreciation entries related to the disposal of plant assets to the general journal.

3. Print the January 1 through December 31, 2013 cash receipts journal.

4. Print the January 1 through December 31, 2013 general journal.

5. Print the general ledger trial balance, as of December 31, 2013.

6. Back up. The suggested file name is 7-3 Application Problem.

7 Mastery Problem

Recording entries for plant assets


Start Sage 50 2015.




Before starting 7 Mastery Problem, ask the instructor if Eastern, Inc, the company used for the 7 Mastery Problem, has already been restored. If Eastern Inc. exists as a Sage 50 company, remember to restore An Existing Company rather than a new company.

GETTING STARTED

Restore the 07-MP 2011.ptb file. Each time you begin a problem, restore the starting data from a Sage 50 file. Then, make the appropriate selections to display the Company Information window to include your initials in the company name.

In 2011 and 2013, Eastern, Inc. bought and sold several plant assets. Change the company name from Eastern, Inc. to 07-MPXX (X’s represent your initials).

Nothing has changed on your computer’s hard drive. In Windows 7, this company is identified in the program folder and data folder as C:\Sage\Peachtree\Company\easinc. The company name has been changed so that Sage 50 printouts will show the problem number and your initials. Using Maintain; Company Information to rename the company does not change the shortened company name.


The 07-MP.ptb file contains starting data for 7 Mastery Problem. This file includes a trial balance for Eastern, Inc. Follow these steps to display the trial balance that is included in the starting data for 7 Mastery Problem.



3. Click .



1. Restore the 07-MP_2011.ptb file.

2. Journalize and post the March 2, 2011 transaction in the Write Checks window. Journalize and post the related depreciation entry to the general journal.

3. Print the January 1 through December 31, 2011 cash disbursements journal.



6. Back up. The suggested file name is 7 Mastery Problem 2011.

7. Restore the 07-MP_2013.ptb file.

8. Journalize and post the Sept. 6, 2013 transaction in the Receipts window. Journalize and post the related depreciation entry to the general journal.

9. Journalize and post the Sept. 9, 2013 transaction in the Write Checks window.

10. Print the January 1 through December 31, 2013 cash receipts journal.

11. Print the January 1 through December 31, 2013 cash disbursements journal.



14. Back up. The suggested file name is 7 Mastery Problem 2013.


Journalizing Adjusting and Reversing Entries for Accrued Expenses


Start Sage 50 2015.




Before starting 8-3 Application Problem, ask the instructor if Browning, Inc., the company used for 8-3 Application Problem, has already been restored. If Browning, Inc. exists as a Sage 50 company, remember to restore An Existing Company rather than a new company.

GETTING STARTED


Browning, Inc. bought and sold several plant assets. Change the company name from Browning, Inc. to 08- 3APXX (X’s represent your initials).

Nothing has changed on your computer’s hard drive. In Windows 7, this company is identified in the program folder and data folder as C:\Sage\Peachtree\Company\broinc. The company name has been changed so that Sage 50 printouts will show the problem number and your initials. Using Maintain; Company Information to rename the company does not change the shortened company name.


The 08-3 AP.ptb file contains starting data for 8-3 Application Problem. This file includes the unadjusted trial balance for Browning, Inc. Follow these steps to display the unadjusted trial balance that is included in the starting data for 8-3 Application Problem.



3. Click .

4. The general ledger trial balance appears.


1. Restore the 08-3 AP.ptb file.

2. Journalize and post adjusting entries to the general journal.

3. Print the December 31, 2013 general journal.

4. Back up. The suggested file name is 8-3 Application Problem.adjusted.ptb.

5. Restore the 08-3AP.rev.ptb file.

6. Journalize and post reversing entries to the general journal.

7. Print the January 1, 2014 general journal.

8. Back up. The suggested file name is 8-3 Application Problem.reversing.ptb.

8 Mastery Problem

Journalizing Notes Payable Transactions and Adjusting and Reversing Entries.


Start Sage 50 2015.




Before starting 8 Mastery Problem, ask the instructor if Roberts, Inc., the company used for 8 Mastery Problem, has already been restored. If Roberts, Inc. exists as a Sage 50 company, remember to restore An Existing Company rather than a new company.

GETTING STARTED


Browning, Inc. bought and sold several plant assets. Change the company name from Browning, Inc. to 08- MPXX (X’s represent your initials).

Nothing has changed on your computer’s hard drive. In Windows 7, this company is identified in the program folder and data folder as C:\Sage\Peachtree\Company\robinc. The company name has been changed so that Sage 50 printouts will show the problem number and your initials. Using Maintain; Company Information to rename the company does not change the shortened company name.


The 08-MP.ptb file contains starting data for 8 Mastery Problem. This file includes the unadjusted trial balance for Roberts, Inc. Follow these steps to display the unadjusted trial balance that is included in the starting data for 8-M Mastery Problem.



3. Click .

4. The general ledger trial balance appears.


1. Restore the 08-MP.ptb file.

2. Journalize and post notes payable transactions to the cash receipts journal.

3. Journalize and post adjusting entries to the general journal.

4. Print the December 31, 2013 general journal.

5. Print the August 1 through December 31, 2013 cash receipts journal.


7. Back up. The suggested file name is 8 Mastery Problem.adjusted.ptb.

8. Restore the 08-MP.rev.ptb file.

9. Journalize and post reversing entries to the general journal.

10. Print the January 1, 2014 general journal.

11. Back up. The suggested file name is 8 Mastery Problem.reversing.ptb.


Journalizing Installment Notes Receivable Transactions


Start Sage 50 2015.




Before starting 9-3 Application Problem, ask the instructor if Maben RV Center, the company used for 9-3 Application Problem, has already been restored. If Maben RV Center exists as a Sage 50 company, remember to restore An Existing Company rather than a new company.

GETTING STARTED


Maben RV Center is set up as a corporation. Change the company name from Maben RV Center to 09-3 APXX (X’s represent your initials).

Nothing has changed on your computer’s hard drive. In Windows 7, this company is identified in the program folder and data folder as C:\Sage\Peachtree\Company\mabrvcen. The company name has been changed so that Sage 50 printouts will show the problem number and your initials. Using Maintain; Company Information to rename the company does not change the shortened company name.

Journalizing Notes Receivable transactions

1. Journalize and post notes receivable transactions to the cash receipts journal.

2. Journalize and post the reclassification entry to the general journal.

3. Journalize and post the reversing entry to the general journal.

4. Print the July 1 - 31, 2013 cash receipts journal.

5. Print the December 31, 2013 to January 1, 2014 general journal. Back up.

9 Mastery Problem

Journalizing Unearned Revenue, Accrued Revenue, and Gift Card and Installment Note Receivable Transactions


Start Sage 50 2015.




Before starting 9 Mastery Problem, ask the instructor if Marist Entertainment, the company used for 9 Mastery Problem, has already been restored. If Marist Entertainment exists as a Sage 50 company, remember to restore An Existing Company rather than a new company.

GETTING STARTED


Marist Entertainment is set up as a corporation. Change the company name from Marist Entertainment to 09-MPXX (X’s represent your initials).

Nothing has changed on your computer’s hard drive. In Windows 7, this company is identified in the program folder and data folder as C:\Sage\Peachtree\Company\marenter. The company name has been changed so that Sage 50 printouts will show the problem number and your initials. Using Maintain; Company Information to rename the company does not change the shortened company name.

Journalizing Notes Receivable transactions

1. Journalize and post transactions to the cash receipts journal.

2. Journalize and post the reclassification entry to the general journal.

3. Journalize and post adjusting and reversing entries to the general journal.

4. Print the December 1 - 31, 2013 cash receipts journal.

5. Print the December 1, 2013 to January 1, 2014 general journal. Back up.


Processing Accounting Data for a Corporation


Start Sage 50 2015.



Journalize and post adjusting entries


Before starting Reinforcement Activity 2, ask the instructor if Franklin Auto Parts, Inc., the company used for Reinforcement Activity 2, has already been restored. If Franklin Auto Parts, Inc. exists as a Sage 50 company, remember to restore An Existing Company rather than a new company.

GETTING STARTED


Franklin Auto Parts, Inc. is set up as a corporation. Change the company name from Franklin Auto Parts, Inc. to RA-02XX (X’s represent your initials).

Nothing has changed on your computer’s hard drive. In Windows 7, this company is identified in the program folder and data folder as C:\Sage\Peachtree\Company\fraautopa. The company name has been changed so that Sage 50 printouts will show the problem number and your initials. Using Maintain; Company Information to rename the company does not change the shortened company name.


The RA-02.adv.ptb file contains starting data for Reinforcement Activity 2. This file includes a trial balance for Franklin Auto Parts, Inc. that will be used as the starting point for this exercise. Follow these steps to display the trial balance.


2. The Select a Report or Form window appears. In the General Ledger Account

Information list, click on General Ledger Trial Balance.

3. Click .


Journalizing December 2013 Transactions

1. Journalize and post transactions to the cash receipts journal.

2. Journalize and post transactions to the cash disbursements journal.

3. Journalize and post transactions to the general journal.

4. To enter the December 14 transaction, display the October 14, 2013 transaction for GPR Landscape in the Sales/Invoicing window and change the A/R Acct in the A/R account field From Acct.# 1130 – Notes Receivable to Acct.# 1120 – Accounts Receivable. Also change date to December 13, 2013.

Be sure to provide further explanation in the Description column regarding GPR dishonoring their 60-day 10% note.

5. To enter the December 18, 2013 transaction. First, enter invoice ($1662.95) in the Sales Invoicing window, then receipt of cash ($1000.00) in the Receipts window.

6. Back up. The suggested file name is RA-02.adv.unadj.

7. Journalize and post adjusting entries in the general journal. Use the forms in the Working Papers to determine the FIFO value of the three stock items, as well as the lower-of-cost or market value of total inventory.

8. To enter the first adjusting entry related to Allowance for Uncollectible Accounts. Net Sales, as of December 31, 2013 is $674,256.66. ($674,256.66 * .9%= $6008.31. $6008.31-265.22 = $5803.09.)

9. Print the income statement, statement of retained earnings and balance sheet.

10.Print the general journal and trial balance.

11.Back up. The suggested file name is RA-02.adv.adj.ptb.


Journalizing Preferred Stock Transactions


Start Sage 50 2015.




Before starting 10-2 Application Problem, ask the instructor Painted Landscapes, the company used for 10-2 Application Problem, has already been restored. If Painted Landscapes exists as a Sage 50 company, remember to restore An Existing Company rather than a new company.

GETTING STARTED


Painted Landscapes is set up as a corporation. Change the company name from Painted Landscapes to 10-2 APXX (X’s represent your initials). The Painted Landscapes company name is used in Sage 50 for demonstration purposes.

Nothing has changed on your computer’s hard drive. In Windows 7, this company is identified in the program folder and data folder as C:\Sage\Peachtree\Company\pailands. The company name has been changed so that Sage 50 printouts will show the problem number and your initials. Using Maintain; Company Information to rename the company does not change the shortened company name.

Journalizing stock transactions

1. Journalize and post preferred stock transactions to the cash receipts journal.

2. Journalize and post issuance of preferred stock for store equipment to the general journal.

3. Journalize and post adjusting and reversing entry to the general journal.

4. Print the January 1 – June 30, 2013 cash receipts journal.

5. Print the April 1 – 30, 2013 general journal.


10 Mastery Problem

Journalizing Stock Transactions


Start Sage 50 2015.




Before starting the 10 Mastery Problem, ask the instructor if Modern Landscapes, the company used for the 10 Mastery Problem, has already been restored. If Painted Landscapes exists as a Sage 50 company, remember to restore An Existing Company rather than a new company.

GETTING STARTED


Modern Landscapes is set up as a corporation. Change the company name from Modern Landscapes to 10-MPXX (X’s represent your initials).

Nothing has changed on your computer’s hard drive. In Windows 7, this company is identified in the program folder and data folder as C:\Sage\Peachtree\Company\modlands. The company name has been changed so that Sage 50 printouts will show the problem number and your initials. Using Maintain; Company Information to rename the company does not change the shortened company name.

Journalizing stock transactions

1. Journalize and post preferred stock transactions to the cash receipts journal.

2. Journalize and post issuance of preferred stock for store equipment to the general journal.

3. Print the April 1 -- 30, 2013 cash receipts journal.

4. Print the April 1 – 30, 2013 general journal. Back up. The suggested file name is 10 Mastery Problem.ptb.

11 Mastery Problem

Journalizing Dividend, Treasury Stock, and Investment Transactions


Start Sage 50 2015.




Before starting the 11 Mastery Problem, ask the instructor if TA Post Corporation, the company used for the 10 Mastery Problem, has already been restored. If Painted Landscapes exists as a Sage 50 company, remember to restore An Existing Company rather than a new company.

GETTING STARTED


TA Post Corporation is set up as a corporation. Change the company name from Modern Landscapes to 11-MPXX (X’s represent your initials).

Nothing has changed on your computer’s hard drive. In Windows 7, this company is identified in the program folder and data folder as C:\Sage\Peachtree\Company\taposcor. The company name has been changed so that Sage 50 printouts will show the problem number and your initials. Using Maintain; Company Information to rename the company does not change the shortened company name.

Journalizing stock Related transactions

1. Journalize and post corporate dividend and treasury stock transactions to the cash disbursements journal.

2. Journalize and post stock dividend transactions to the general journal.

3. Print the July 1 – December 31, 2013 cash disbursements journal.

4. Print the September 1 – December 31, 2013 cash receipts journal.

5. Print the July 1 – December 31, 2013 general journal. Back up 11 Mastery Problem.

11 Challenge Problem

Journalizing Stock and Dividend Transactions


Start Sage 50 2015.



Complete 11 Challenge Problem.

Before starting the 11 Challenge Problem, ask the instructor if KCL Stores, the company used for the 11 Challenge Problem, has already been restored. If KCL Stores exists as a Sage 50 company, remember to restore An Existing Company rather than a new company.

GETTING STARTED

Restore the 11-CP.ptb file. Each time you begin a problem, restore the starting data from a Sage 50 file. Then, make the appropriate selections to display the Company Information window to include your initials in the company name.

KCL Stores is set up as a corporation. Change the company name from KCL Stores to 11-CPXX (X’s represent your initials).

Nothing has changed on your computer’s hard drive. In Windows 7, this company is identified in the program folder and data folder as C:\Sage\Peachtree\Company\kclstore. The company name has been changed so that Sage 50 printouts will show the problem number and your initials. Using Maintain; Company Information to rename the company does not change the shortened company name.

Journalizing stock Related transactions

1. Journalize and post corporate dividend and treasury stock transactions to the cash disbursements journal.

2. Journalize and post stock dividend transactions to the general journal.

3. Print the Jan. 1 – Oct. 31, 2013 cash disbursements journal.

4. Print the April 1 – April 30, 2013 cash receipts journal.

5. Print the Jan. 1 – Oct. 31, 2013 general journal. Back up 11 Challenge Problem.

12 Mastery Problem

Journalizing Bonds Transactions


Start Sage 50 2015.




Before starting the 12 Mastery Problem, ask the instructor if Post Corporation the company used for the 12 Mastery Problem, has already been restored. If Post Corporation exists as a Sage 50 company, remember to restore An Existing Company rather than a new company.

GETTING STARTED


Post Corporation is set up as a corporation. Change the company name from Post Corporation to 12-MPXX (X’s represent your initials).

Nothing has changed on your computer’s hard drive. In Windows 7, this company is identified in the program folder and data folder as C:\Sage\Peachtree\Company\poscorpo. The company name has been changed so that Sage 50 printouts will show the problem number and your initials. Using Maintain; Company Information to rename the company does not change the shortened company name.

Journalizing Bond transactions

1. Journalize and post bond transactions to the cash receipts journal and cash disbursements journal.

2. Print the April 1 – July 31, 2013 cash disbursements journal.

3. Print the June 1 – October 31, 2013 cash receipts journal.

4. Back up. The suggested file name 12 Mastery Problem.

12 Challenge Problem

Journalizing Bonds Transactions


Start Sage 50 2015.



Complete 12 Challenge Problem.

Before starting the 12 Challenge Problem, ask the instructor if PR&K Corporation the company used for the 12 Challenge Problem, has already been restored. If PR&K Corporation exists as a Sage 50 company, remember to restore An Existing Company rather than a new company.

GETTING STARTED

Restore the 12-CP.ptb file. Each time you begin a problem, restore the starting data from a Sage 50 file. Then, make the appropriate selections to display the Company Information window to include your initials in the company name.

PR&K Corporation is set up as a corporation. Change the company name from PR&K Corporation to 12-CPXX (X’s represent your initials).

Nothing has changed on your computer’s hard drive. In Windows 7, this company is identified in the program folder and data folder as C:\Sage\Peachtree\Company\prkcorpo. The company name has been changed so that Sage 50 printouts will show the problem number and your initials. Using Maintain; Company Information to rename the company does not change the shortened company name.

Journalizing Bond transactions

1. Journalize and post bond transactions to the cash disbursements journal.

2. Print the April 1 – June 30, 2013 cash disbursements journal.

3. Back up. The suggested file name 12 Challenge Problem.


Processing and Analyzing Accounting Data for a Corporation


Start Sage 50 2015.

Restore the RA-03.ptb starting data.


Journalize and post adjusting entries.

Restore the RA-03.2014.ptb to record entries for January through December 2014.


Before starting Reinforcement Activity 3, ask the instructor if Peterson Pet Supply, Inc., the company used for Reinforcement Activity 3, has already been restored. If Peterson Pet Supply, Inc. exists as a Sage 50 company, remember to restore An Existing Company rather than a new company.

GETTING STARTED


Peterson Pet Supply, Inc. is set up as a corporation. Change the company name from Peterson Pet Supply, Inc. to RA-03XX (X’s represent your initials).

Nothing has changed on your computer’s hard drive. In Windows 7, this company is identified in the program folder and data folder as C:\Sage\Peachtree\Company\petpetsu. The company name has been changed so that Sage 50 printouts will show the problem number and your initials. Using Maintain; Company Information to rename the company does not change the shortened company name.


The RA-0.adv.ptb file contains starting data for Reinforcement Activity 3. This file includes a trial balance for Peterson Pet Supply, Inc. that will be used as the starting point for this exercise. Follow these steps to display the trial balance.



3. Click .


Journalizing December 2013 through December 2014 transactions

1. Journalize and post transactions in the cash receipts journal.

2. Journalize and post transactions in the general journal.

3. Journalize and post transactions in the cash disbursements journal.

4. Print the December 1 – December 31, 2013 cash receipts journal.

5. Print the December 1 – December 31, 2013 general journal.

6. Print the December 1 -- December 31, 2013 cash disbursements journal.

7. Print the trial balance, as of December 31, 2013.

8. Back up. The suggested file is RA-03.adv.December 2013.ptb.

9. Journalize and post the January 1, 2014 through December 31, 2014 transactions in the cash receipts journal and the cash payments journal

10.Restore the RA-03.adv.2014.ptb file.

11.Print the January 1, 2014 through December 31, 2014 cash receipts journal.

12.Print the January 1, 2014 through December 31, 2014 cash disbursements journal.

13.Back up. The suggested file name is RA-03.adv.December 2014.ptb.

17-1.2 Application Problem

Recording and Journalizing Materials and Labor Costs


Start Sage 50 2015.



Complete 17-1.2 Application Problem.

Before starting the 17-1.2 Application Problem, ask the instructor if Lake Country Manufacturing, the company used for the 17-1.2 Application Problem, has already been restored. If Lake Country Manufacturing exists as a Sage 50 company, remember to restore An Existing Company rather than a new company.

GETTING STARTED

Restore the 17-1.2 AP.ptb file. Each time you begin a problem, restore the starting data from a Sage 50 file. Then, make the appropriate selections to display the Company Information window to include your initials in the company name.

Lake Country Manufacturing is set up as a corporation. Change the company name from Post Corporation to 17-1.2 APXX (X’s represent your initials).

Nothing has changed on your computer’s hard drive. In Windows 7, this company is identified in the program folder and data folder as C:\Sage\Peachtree\Company\lakcouma. The company name has been changed so that Sage 50 printouts will show the problem number and your initials. Using Maintain; Company Information to rename the company does not change the shortened company name.

Journalizing transactions

1. Journalize and post transactions related to manufacturing materials and labor costs to the general journal.

2. Journalize and post transactions related to manufacturing materials and labor costs to the cash disbursements journal.

3. Print the general journal, cash disbursements journal and trial balance.

4. Back up. The suggested file name 17-1.2 Application Problem.

17 Mastery Problem

Preparing Cost Records and Journalizing Entries that Summarize Cost Records at the End of a Fiscal Period


Start Sage 50 2015.




Before starting the 17 Mastery Problem, ask the instructor if Mercury, the company used for the 17 Mastery Problem, has already been restored. If Mercury exists as a Sage 50 company, remember to restore An Existing Company rather than a new company.

GETTING STARTED


Mercury is set up as a corporation. Change the company name from Mercury to 17-MPXX (X’s represent your initials).

Nothing has changed on your computer’s hard drive. In Windows 7, this company is identified in the program folder and data folder as C:\Sage\Peachtree\Company\mercury. The company name has been changed so that Sage 50 printouts will show the problem number and your initials. Using Maintain; Company Information to rename the company does not change the shortened company name.


1. Journalize and post transactions related to manufacturing materials and labor costs to the general journal.

2. Print the general journal and the trial balance.



Processing and Analyzing Cost Accounting Data for a Manufacturing Business


Start Sage 50 2015.


Journalize and post January 2013 entries.

Journalize and post adjusting entries


Before starting Reinforcement Activity 4, ask the instructor if Alexandria Corporation, the company used for Reinforcement Activity 4, has already been restored. If Alexandria Corporation exists as a Sage 50 company, remember to restore An Existing Company rather than a new company.

GETTING STARTED


Alexandria Corporation is set up as a corporation. Change the company name from Alexandria Corporation to RA-04XX (X’s represent your initials).

Nothing has changed on your computer’s hard drive. In Windows 7, this company is identified in the program folder and data folder as C:\Sage\Peachtree\Company\alecorpo. The company name has been changed so that Sage 50 printouts will show the problem number and your initials. Using Maintain; Company Information to rename the company does not change the shortened company name.


The RA-04.adv.ptb file contains starting data for Reinforcement Activity 4. This file includes a trial balance for Alexandria Corporation that will be used as the starting point for this exercise. Follow these steps to display the trial balance.



3. Click .


Journalizing January 2013 entries

1. Journalize and post materials purchases transactions to the purchase journal.

2. Journalize and post transactions in the “Write Checks” window.

3. Journalize and post transactions to the general journal. Use the Materials Ledger Cards, Costs Sheets and Finished Goods Ledger Cards in the Working Papers for the appropriate computations.

4. Print the January 1 through January 31, 2013 purchase journal.

5. Print the January 1 through January 31, 2013 cash disbursements journal.

6. Print the January 1 through January 31, 2013 general journal.

7. Print the January 1 through January 31, 2013 General Ledger.

8. Print the Trial Balance, as of January 31, 2013.

9. Back up. The suggested file name is RA-04.adv.January.ptb.


Journalizing Transactions in a Voucher System


Start Sage 50 2015.


Journalize and post general journal entries as well as entries related to a voucher system.


Before starting the 20-3 Application Problem, ask the instructor if Marlon’s Ceramics, the company used for the 20-3 Application Problem, has already been restored. If Marlon’s Ceramics exists as a Sage 50 company, remember to restore An Existing Company rather than a new company.

GETTING STARTED


Marlon’s Ceramics is set up as a corporation. Change the company name from Mercury to 20-3 APXX (X’s represent your initials).

Nothing has changed on your computer’s hard drive. In Windows 7, this company is identified in the program folder and data folder as C:\Sage\Peachtree\Company\merceram. The company name has been changed so that Sage 50 printouts will show the problem number and your initials. Using Maintain; Company Information to rename the company does not change the shortened company name.


1. Journalize and post transactions related to a voucher system to the general journal.

2. Journalize and post transactions related to a voucher system in the Payments window.

3. Journalize and post transactions related to a voucher system in the Purchases/Receive Inventory window.

4. Print the general journal, cash disbursements journal, the purchase journal and the trial balance.

5. Back up. The suggested file name 20-3 Application Problem.

20 Mastery Problem

Analyzing a voucher system and journalizing transactions in a voucher system.


Start Sage 50 2015.




Before starting the 20 Mastery Problem, ask the instructor if Avery Company, the company used for the 20 Mastery Problem, has already been restored. If Avery Company exists as a Sage 50 company, remember to restore An Existing Company rather than a new company.

GETTING STARTED


Avery Company is set up as a corporation. Change the company name from Avery Company to 20-MPXX (X’s represent your initials).

Nothing has changed on your computer’s hard drive. In Windows 7, this company is identified in the program folder and data folder as C:\Sage\Peachtree\Company\avecompa. The company name has been changed so that Sage 50 printouts will show the problem number and your initials. Using Maintain; Company Information to rename the company does not change the shortened company name.


1. Journalize and post transactions related to a voucher system to the general journal.

2. Journalize and post transactions related to a voucher system in the Payments window.

3. Journalize and post transactions related to a voucher system in the Purchases/Receive Inventory window.

4. Print the general journal, cash disbursements journal, the purchase journal and the

trial balance.



Admitting a partner with No Change in Total Equity


Start Sage 50 2015.




Before starting the 21-2 Application Problem, ask the instructor if Ryals and Perry Partnership, the company used for the 21-2 Application Problem, has already been restored. If Ryals and Perry Partnership exists as a Sage 50 company, remember to restore An Existing Company rather than a new company.

GETTING STARTED

Restore the student template files associated with 21-2 Application Problem. Each time you begin a problem, restore the starting data from a Sage 50 file. Then, make the appropriate selections to display the Company Information window to include your initials in the company name.

Ryals and Perry Partnership is set up as a Partnership. Change the company name from Ryals and Perry Partnership to 21-APXX (X’s represent your initials).

Nothing has changed on your computer’s hard drive. In Windows 7, this company is identified in the program folder and data folder as C:\Sage\Peachtree\Company\ryaandpe. The company name has been changed so that Sage 50 printouts will show the problem number and your initials. Using Maintain; Company Information to rename the company does not change the shortened company name.


1. Restore the 21-2.1 AP.ptb file.

2. Add account number 3125 – Vergie Lowry, Capital and account number 3130 – Vergie Lowry, Drawing to the chart of accounts

3. Journalize and post the transaction related to admitting a new partner to the general journal.

4. Print the general journal and the trial balance.

5. Back up. The suggested file name is 21-2.1 Application Problem.


7. Add appropriate accounts to the chart of accounts.

8. Journalize and post the transaction related to admitting a new partner in the Receipts window.

9. Print the cash receipts journal and the trial balance.






15. Print the cash receipts journal, general journal and the trial balance.






21. Print the cash receipts journal, general journal and the trial balance.

22. Back up. The suggested file name 21-2.4 Application Problem

21 Mastery Problem

Forming and Expanding a Partnership


Start Sage 50 2015.



Journalize and post cash receipts entries.


Before starting the 21 Mastery Problem, ask the instructor if Massey Specialty Shop, the company used for the 21 Mastery Problem, has already been restored. If Massey Specialty Shop exists as a Sage 50 company, remember to restore An Existing Company rather than a new company.

GETTING STARTED


Massey Specialty Shop is set up as a partnership. Change the company name from Massey Specialty Shop to 21-MPXX (X’s represent your initials).

Nothing has changed on your computer’s hard drive. In Windows 7, this company is identified in the program folder and data folder as C:\Sage\Peachtree\Company\masspesh. The company name has been changed so that Sage 50 printouts will show the problem number and your initials. Using Maintain; Company Information to rename the company does not change the shortened company name.


1. Journalize and post transactions related to a partnership to the general journal.

2. Journalize and post transactions related to a partnership in the Receipts window.

3. Print the general journal and cash receipts journal.



Liquidating a Partnership


Start Sage 50 2015.



Journalize and post cash receipts and cash disbursements entries.


Before starting the 22-3 Application Problem, ask the instructor if Brooks and Morris Partnership, the company used for the 22-3 Application Problem, has already been restored. If Brooks and Morris Partnership exists as a Sage 50 company, remember to restore An Existing Company rather than a new company.

GETTING STARTED


Brooks and Morris Partnership is set up as a partnership. Change the company name from Brooks and Morris Partnership to 22-3 APXX (X’s represent your initials).

Nothing has changed on your computer’s hard drive. In Windows 7, this company is identified in the program folder and data folder as C:\Sage\Peachtree\Company\broandmo. The company name has been changed so that Sage 50 printouts will show the problem number and your initials. Using Maintain; Company Information to rename the company does not change the shortened company name.


1. Journalize and post transactions related to a partnership to the general journal.

2. Journalize and post transactions related to a partnership in the Receipts window.

3. Journalize and post transactions related to a partnership in the Payments window.

4. Print reports. Back up 22-3 Application Problem.

22 Mastery Problem

Completing End-of-period Work for a Partnership


Start Sage 50 2015.



Journalize and post cash receipts and cash disbursements entries.


Before starting the 22 Mastery Problem, ask the instructor if Brooks and Morris Partnership, the company used for the 22 Mastery Problem, has already been restored. If Davies and Elmore Partnership exists as a Sage 50 company, remember to restore An Existing Company rather than a new company.

GETTING STARTED

Restore the 22 MP.ptb file. Each time you begin a problem, restore the starting data from a Sage 50 file. Then, make the appropriate selections to display the Company Information window to include your initials in the company name.

Davies and Elmore Partnership is set up as a partnership. Change the company name from Davies and Elmore Partnership to 22 MPXX (X’s represent your initials).

Nothing has changed on your computer’s hard drive. In Windows 7, this company is identified in the program folder and data folder as C:\Sage\Peachtree\Company\davandel. The company name has been changed so that Sage 50 printouts will show the problem number and your initials. Using Maintain; Company Information to rename the company does not change the shortened company name.



2. Print the general journal and trial balance.

3. Back up. The suggested file name is 22 Mastery Problem.


Journalizing Governmental Encumbrances, Expenditures, and Other Transactions


Start Sage 50 2015.




Before starting the 23-3 Application Problem, ask the instructor if Town of Templeton, the not-for-profit organization (company) used for the 23-3 Application Problem, has already been restored. If Town of Templeton exists as a Sage 50 company, remember to restore An Existing Company rather than a new company.

GETTING STARTED


Town of Templeton is set up as a not-for-profit organization. Change the company name from Town of Templeton to 23-3 APXX (X’s represent your initials).

Nothing has changed on your computer’s hard drive. In Windows 7, this company is identified in the program folder and data folder as C:\Sage\Peachtree\Company\towoftem. The company name has been changed so that Sage 50 printouts will show the problem number and your initials. Using Maintain; Company Information to rename the company does not change the shortened company name.


1. Journalize and post transactions related to governmental encumbrances to the general journal.



23 Mastery Problem

Journalizing Governmental Transactions


Start Sage 50 2015.




Before starting the 23 Mastery Problem, ask the instructor if Town of Lanceburg, the not-for-profit organization (company) used for the 23 Mastery Problem, has already been restored. If Town of Lanceburg exists as a Sage 50 company, remember to restore An Existing Company rather than a new company.

GETTING STARTED


Town of Lanceburg is set up as a not-for-profit organization. Change the company name from Town of Lanceburg to 23 MPXX (X’s represent your initials).

Nothing has changed on your computer’s hard drive. In Windows 7, this company is identified in the program folder and data folder as C:\Sage\Peachtree\Company\towoflan. The company name has been changed so that Sage 50 printouts will show the problem number and your initials. Using Maintain; Company Information to rename the company does not change the shortened company name.


1. Journalize and post transactions related to governmental encumbrances to the general journal.




Preparing Financial Statement for a Governmental Organization


Start Sage 50 2015.


Journalize and post closing entries to the general journal.


Before starting the 24-2 Application Problem, ask the instructor if City of Proffit Bluff, the not-for-profit organization (company) used for the 24-2 Application Problem, has already been restored. If City of Profitt Bluff exists as a Sage 50 company, remember to restore An Existing Company rather than a new company.

GETTING STARTED


City of Proffit Bluff is set up as a not-for-profit organization. Change the company name from City of Proffit Bluff to 24-2 APXX (X’s represent your initials).

Nothing has changed on your computer’s hard drive. In Windows 7, this company is identified in the program folder and data folder as C:\Sage\Peachtree\Company\citofpro. The company name has been changed so that Sage 50 printouts will show the problem number and your initials. Using Maintain; Company Information to rename the company does not change the shortened company name.


1. Print the adjusted trial balance.

2. Journalize and post closing entries related to a governmental organization to the general journal.

3. Print the general journal and post-closing trial balance.


24 Mastery Problem

Completing the End-of-period Work for a Governmental Organization


Start Sage 50 2015.


Journalize and post closing entries to the general journal.


Before starting the 24 Mastery Problem, ask the instructor if City of Moserville, the not-for-profit organization (company) used for the 24 Mastery Problem, has already been restored. If City of Moserville exists as a Sage 50 company, remember to restore An Existing Company rather than a new company.

GETTING STARTED


City of Moserville is set up as a not-for-profit organization. Change the company name from City of Moserville to 24 MPXX (X’s represent your initials).

Nothing has changed on your computer’s hard drive. In Windows 7, this company is identified in the program folder and data folder as C:\Sage\Peachtree\Company\citofmos. The company name has been changed so that Sage 50 printouts will show the problem number and your initials. Using Maintain; Company Information to rename the company does not change the shortened company name.


1. Print the adjusted trial balance.

2. Journalize and post closing entries related to a governmental organization to the general journal.

3. Print the general journal and post-closing trial balance.


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