Sage 50 Accounting Data File for Blankets Company's Assignment

Assignment Task

Case 2 – Blankets Company

Review of company, Receivables, Payables, Inventory & Services modules

• Blankets Company Limited (BCL) is a distributor of woolen and electric blankets for a well-known brand manufacturer.
• The firm plans on using the following modules:
• Company Receivables Payables Inventory & Services
• The manager hired a student to set up the Sage 50 Accounting data file and it is ready for use, except for the Inventory & Services module.

Company Information

• The default settings have been set up to use the Average Cost -Inventory Costing Method and markup – Profit Evaluation Method, and Inventory & Services will be sorted by description.
• You have been asked to set-up the computerized inventory records from the manual inventory records at January 1, 2023, and enter transactions for January 2023.
• HST is 13%.

January Transactions:

• 3. Enter the following January transactions:
• Jan 03 Paid $850.00, plus HST, monthly rent to Mall Management Ltd. per 3-year lease.
• Jan 03 Sold to Bedroom Stores Inc., the following items with terms of 2/10, net 30
• Jan 11 The manager of Niles Department Store called and requested a sales price quote on 90 Electric King model #EK with delivery on two different dates. Shipping dates would be January 14 (50 items) and January 20 (40 items). Due to the size of the order a sales quote (#1) was issued for a special price of 119.00 each plus HST, with shipping date of January 20. Terms 2/10, net 30.
• Jan 11 Complete order received from Ucon Manufacturing Inc., Purchase Order #1, with invoice #987698.
• Jan 12 The manager of Niles Department Store called to approve the Sales quote and place the order. Upgraded Niles Department Store to a credit limit of $14,000. Jan 13 Cheque #5896 received from Bedroom Stores Inc. in payment of sale on Jan 03, less the return on January 10.
• Jan 14 Shipment of 50 items from Sales Order 1 for Niles Department Store. Invoice #867 was issued for the partial order. Jan 18 Returned 3 Electric King 2 controls blankets on invoice #987698 to Ucon Manufacturing Inc. at a cost of $75.00 each for a total return value of $-254.25 (HST included).
• Jan 20 Shipment of remaining items from Sales Order 1 for Niles Department Store, plus 10 Electric King model EK-2 items at regular selling price plus HST. Invoice #868 issued.
• Jan 25 Sale to new customer, Your Name Bedding Inc. (any address information is appropriate), with terms of 2/10, net 30 and credit limit of $6,500.00.
• Jan 27 The manager requested an up-to-date report on the inventory and profit margins. The inventory was counted and the following were reported and verified. Adjust inventory where necessary.

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