Final Project 2 Computerized Accounting with Sage 50 Level 2 SI2O Copyright © 2022 Project Code: SI1O v7-0 Project 2 Released: July 2012 Revised: January 20, 2022 Computerized Accounting with Simply...

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Final Project 2

Computerized Accounting with Sage 50 Level 2
SI2O
Copyright © 2022
Project Code: SI1O v7-0 Project 2
Released: July 2012
Revised: January 20, 2022
Computerized Accounting with Simply Level 2 (SI2O)
Final Project XXXXXXXXXXPage 1
Computerized Accounting with Sage 50 Level 2
The Dog House
INTRODUCTION
This project will test your understanding of the Sage 50 Accounting application and your
ability to apply the features of this application. You will be using many of the skills that you
have acquired throughout the course to set up the accounts for a small business and record
typical transactions.
OBJECTIVES
The objectives of this project are to:
• Set up the General, Payable, Receivable, Payroll, and Inventory ledgers for a small
company
• Record transactions
• Print reports
TIME REQUIRED
You will require 10 hours to complete this project.
MATERIALS REQUIRED
To complete this project, you will require:
• Windows 10
• Sage 50 Accounting 2021
MARKING
The project will be marked out of 100. Individual marks for requirements are shown below.
Marks will be deducted if you ask anyone for help. The instructor will only answer questions
egarding the meaning and interpretation of a step. You may refer to your textbook.
If the project is not completed within the given time frame, 2 marks per additional hour will
e deducted. For each typographical e
or, a further 0.5 mark deduction will be made.
Journal Entries 60 marks
Balance Sheet 20 marks
Income Statement 10 marks
Employee Summary Report 5 marks
Inventory Summary Report 5 marks
Computerized Accounting with Simply Level 2 (SI2O)
Final Project XXXXXXXXXXPage 2
PROJECT SPECIFICATIONS

The information provided in this test allows you to set up all ledgers for an Ontario company
named THE DOG HOUSE. The Dog House specializes in sales of large pure
ed and
pedigreed dogs. In addition, they sell cages or dog houses, and high quality dog food. Some of
the dog food is purchased from a supplier in the United States. The manager of the store
provides some basic dog grooming services while the assistant works mostly in store sales and
caring for the animals that are for sale. Two divisions—sales and services—are set up to
allocate expenses and revenues. All ledgers are used.
1. Using Sage 50 Accounting, create a new company file using the following information:
Company Name: The Dog House – (Your Name)
NOTE: Be sure to include your name as part of the company name so the reports you print and
hand in to your instructor will be properly identified.
Address: 460 Barque St.
London, Ontario, N9L 4B6
Phone:
Fiscal start:
XXXXXXXXXX
XXXXXXXXXX
Fax: XXXXXXXXXX
Earliest transaction date: XXXXXXXXXX
Fiscal end: XXXXXXXXXX
Select: Create a new company
Select: Let me build the list of accounts myself after the company is created
Industry: Retail
Select: I will update my tax information myself.
Store company files in a new folder named DOGHOUSE and use DOGHOUSE as the file name.
2. Change the default settings if necessary to include the following:
User Preferences
- Options Use Accounting Terms
Automatically save changes to suppliers, customers & other records
Show list buttons
- View Turn off Checklists and Daily Business Manager at startup and after
changing session date
Show Change Session Date at startup
- Transaction Turn on Confirmation Message Box
Company Settings:
- Information Business No: XXXXXXXXXX
- System Do not allow transactions dated before XXXXXXXXXX
Do not allow transactions in future
- Backup Backup frequency: Weekly; turn off automatic backups
- Features All features used
- Forms Next Sales Invoice number 1121
Next Sales Quote number 45
Next Receipts number 1522
Next Customer Deposits number 36
Next Purchase Order number 1001
Next Direct Deposit Stubs- Employee number 34
Computerized Accounting with Simply Level 2 (SI2O)
Final Project XXXXXXXXXXPage 3
Verify sequence number for all forms
Allow printing in batches for all forms
Date Format MM-DD-YYYY; Use long date format on the screen and in reports
3. Create accounts to match the following Chart of Account:
Account types are shown in
ackets beside the account.
(A) = Subgroup (S) = Subgroup total (H) = Heading (T) = Total (X) = Cu
ent Earnings All
other accounts (unmarked) are Group accounts.
Allow division allocations for all revenue and expense accounts
Edit the cu
ent earnings account
THE DOG HOUSE: Chart of Accounts
1000 CURRENT ASSETS (H)
1050 Test Balance
1060 Undeposited Cash & Cheques
1080 Bank: CAD Chequing
1090 Bank: USD Chequing
1100 Bank: Credit Card
1200 Accounts Receivable
1240 Advances Receivable
1260 Purchase Prepayments
1280 Food Supplies
1300 Other Supplies
1390 TOTAL CURRENT ASSETS (T)
1400 INVENTORY (H)
1420 Pure
ed Dogs
1440 Dog Food
1460 Dog Houses
1490 TOTAL INVENTORY (T)
1500 PLANT & EQUIPMENT (H)
1550 Compute
Cash Register
1580 Store Fixtures and Cages
1590 TOTAL PLANT & EQUIPMENT (T)
2000 CURRENT LIABILITIES (H)
2100 Bank Loan
2150 Credit Card Payable
2200 Accounts Payable
2250 Prepaid Sales and Deposits
2300 Vacation Payable
2310 EI Payable (A)
2320 CPP Payable (A)
2330 Income Tax Payable (A)
2340 Receiver General Payable (S)
2400 RRSP Payable
2420 Medical-MSP Payable
2460 WSIB Payable
2650 HST Charged on Sales (A)
2670 HST Paid on Purchases (A)
2750 HST Owing (Refund) (S)
2900 TOTAL CURRENT LIABILITIES (T)
3000 OWNER’S EQUITY (H)
3560 A. Katz, Capital
3600 Net Income (X)
3690 TOTAL OWNER’S EQUITY (T)
4000 REVENUE (H)
4020 Revenue from Sales
4050 Revenue from Services
4100 Sales Discounts
4200 Freight Revenue
4390 TOTAL REVENUE (T)
5000 EXPENSES (H)
5010 Bank & Credit Card Fees
5015 Exchange Rate Differences
5020 Cleaning and Maintenance
5030 Adjustment Write-Off
5040 Item Assembly Costs
5060 Cost of Goods Sold
5070 Cost of Services
5100 Purchase Discounts
5200 Freight Expense
5220 Dog Food Used
5240 Rent
5260 Utilities
5280 Veterinary Consultation
5300 Wages
5310 EI Expense
5320 CPP Expense
5330 WCB Expense
5400 Medical-MSP Expense
5420 Car Expenses
5490 TOTAL EXPENSES (T)
Computerized Accounting with Simply Level 2 (SI2O)
Final Project XXXXXXXXXXPage 4
Print the Chart of Accounts for reference.
4. Add account balances from the following Trial Balance:
THE DOG HOUSE Post-Closing Trial Balance: April 1,
2024
1080 Bank: CAD Chequing $24 289
1090 Bank: USD Chequing XXXXXXXXXXCAD)
1100 Bank: Credit Card XXXXXXXXXX
1200 Accounts Receivable XXXXXXXXXX
1280 Food Supplies 540
1300 Other Supplies 400
1420 Pure
ed Dogs XXXXXXXXXX
1440 Dog Food XXXXXXXXXX
1460 Dog Houses 3,600
1550 Compute
Cash Register XXXXXXXXXX
1580 Store Fixtures and Cages XXXXXXXXXX
2150 Credit Card Payable $ 1 200
2200 Accounts Payable XXXXXXXXXX
2310 EI Payable 81
2320 CPP Payable XXXXXXXXXX
2330 Income Tax Payable XXXXXXXXXX
3560 A. Katz, Capital XXXXXXXXXX
$53 089 $53 089

Print the Trial Balance for referen ce.
5. Add foreign cu
ency. Allow transactions with United States suppliers in US dollars.
Use account 5015 to track exchange rate differences.
Enter 1.20 as the exchange rate for April 1, 2024. Display the reminder if the rate is one day old.
6. Edit the Account Classes.
Undeposited Cash & Cheques. Change the account class to Cash.
CAD Chequing account. Change the account class to Bank.
Answered 5 days AfterApr 04, 2022

Solution

Rochak answered on Apr 09 2022
14 Votes
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