Chris’s Welding Computerized Accounting Assignment

Assignment Task

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, and Receivable ledgers for a small company
• Record transactions
• Print reports

Project Specificatons

The information provided in this test allows you to set up the General, Payables and Receivables ledgers for an Ontario company named CHRIS’S WELDING owned and run by Chris George, a master welder. He performs all kinds of welding jobs for individuals as well as companies. George has contracted you to set up his company to use Sage 50 Accounting for general ledger, accounts receivable and accounts payable. 

1. Using Sage 50 Accounting, create a new company file using the following information:

2. Working from the Company module window, change default settings if necessary to include the following:

10. Back up your files in your data folder with the name of Welding – your name – after history. Continue with the working copy of your data files, WELDING.SAI. Finish entering the history. When you have finished entering the history, enter the transactions that follow.

13. Print and assemble the following reports in the order indicated and hand in to your instruct tor:

Note: Make sure your name appears as part of the company name at the top of each report.

1. Journal Entries for all journals from July 1 to July 15, 2024 Show corrections.

2. Comparative Balance Sheet (with percent difference) with First Period of July 15, 2024 and Second Period of July 1, 2024

3. Income Statement from July 1 to July 15, 2024 (do not hide accounts with zero balance)

4. Supplier Aged Summary Report

5. Client Aged Summary Report