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Homework answers / question archive / ACCT204 – TEST#1 (25%) – Instructions  Make a new folder: 204 – T1– XXX– Your Name on the local C:/ Drive or your USB, this is the folder that you are going to export your PDF reports and dump your test data file at the end of the test

ACCT204 – TEST#1 (25%) – Instructions  Make a new folder: 204 – T1– XXX– Your Name on the local C:/ Drive or your USB, this is the folder that you are going to export your PDF reports and dump your test data file at the end of the test

Accounting

ACCT204 – TEST#1 (25%) – Instructions

 Make a new folder: 204 – T1– XXX– Your Name on the local C:/ Drive or your USB, this is the folder that you are going to export your PDF reports and dump your test data file at the end of the test. (XXX should be your section #.  Replace Your Name with your actual first and last names. 

 

  • Make a new folder: Reports – T1– Your Name on the local C:/ Drive or your USB, this is the folder that you are going to export your PDF reports

 

  • Go to Tests and Quizzes on your blackboard site on the left pane. 

 

  • Click on ACCT204 Computer Test 1 and download the attached company data file. (It will be downloaded as a zipped file).
  • Download and extract the test#1 data file – ACCT204 Test#1 Start Data and

Perform Database Load

The databases for the Test #1 are:

   System database:  OMNSYS     Company database:  OMNDAT

  1. Open the test data file using session date 01/01/2021.  

 

  1. Replace “Your Full Name” with your actual full name from “ACCT204 – Test1 –Your  Full Name” on the Common Service – Company Profile. Reports without your name  will not be marked.

 

  1. Click File – Double –click Print Destinations - Check the Preview, Report Paper SizeReport Orientation and Letter/A4 radio button- OK.

 

  1. Define the following values for the Department segment code: 

                            NB1 –  Service

                            NB2 – Sales

 

  1. Define the following account structures:
      1. ACC – Account
      2. DEPT – Account 

                                        Department         

 

  1. Add the following chart of accounts manually:

1010                Bank – Chequing

1020                Accounts Receivable

1025                Allowance for Doubtful Accounts

1030                Inventory

1060                Store Equipment

2510                Accum. Dep. - Store Equip.

3000                Accounts Payable

3020                GST/HST Payable

3040                GST/HST Recoverable

3060                Income Tax Payable

3080                Bank Loan (10 years)

4010                Common Stock

4xxx                 Your actual Name – Capital

      (xxx – the last three digits of your student ID)

4050               Your actual Name – Drawings

4500-NB1      Revenue from Service

4500-NB2      Revenue from Sales

4600-NB2      Sales Discounts

4700-NB2      Sales Returns

5010-NB2      Cost of Sales

5100-NB2      Purchase Discounts

6040               Telephone Expense – Clearing

6040-NB1      Telephone Expense

6040-NB2      Telephone Expense

6080-NB1      Bad Debt Expense

6080-NB2      Bad Debt Expense

6090-NB1      Bank Loan Interest

  1. Assigning account – Your actual Name – Capital as Default Closing Account under G/L Setup – Options –   Account page.

 

  1. Add the following ending balances as of December 31, 2020.  Use the General Ledger Setup source code for this batch (all accounts are in normal balance):   Batch Description: Your actual full name – Opening Balances, failure to do so as required will result in a test grade of ZERO.

 

December 31, 2020

1010       Bank – Chequing          8,620

1020       Accounts Receivable  4,832

1025       Allowance for Doubtful Accounts       525

1030       Inventory          7,654

1060       Store Equipment          6,689

2510 Accum. Dep. - Store Equip. 3,200 3000 Accounts Payable                                       7,800

3020       GST/HST Payable                                       2,701

3040       GST/HST Recoverable               1,362

3060            Income Tax Payable    1,230 3080       Bank Loan        1,800

4010       Common Stock              5,200

4xxx         Your actual Name – Capital                     7,826

4050                                   Your actual Name – Drawings   1,125

               

  1. Post the batch and export the PDF posting journal to the Reports – T1– Your Name folder. (File Name “R1_Yourlastname_last3digitsID#_OB.pdf”)

 

  1. Perform the necessary steps required to move the General Ledger forward to the year 2021 (create new year)

 

  1. Enter the following transactions in one batch for the month of January 31, 2021 (session date).

 

Enter the following information in each of the following entry, failure to do so as required will result in a test grade of ZERO.

Batch Description: your actual full name – Current Entries

Select “Quick” on Entry Mode

In each detail line of all entries

Reference: your student ID number

Description: your actual full name

 

 

 

    1. Use the appropriate source code to record the following cash sales:

 

Jan 08 Your Name W2021 (your actual name) (service)

                                                      $158.45 (pre-tax)                             

              Plus HST (13%)

 

    1. Use the appropriate source code to enter the following invoice received from vendor on account.  When the telephone bill is received, it is posted to a clearing account and later allocated to each department at a rate of 70% to the Sales department and 30% to the Service department.  The Reallocation Transactions source code should be used when the allocation takes place.  

 

Jan 16                Bell Canada (Telephone Expense)        

$486.00 (pre-tax)                                 

                            Plus HST (13%)

               

Allocation: 100% to Telephone Expense – Clearing

 

    1. Jan 28, the owner, your name purchased a new bed-side table $185.46 (pre-tax) plus HST (13%) for her/his family and made the payment from the company Bank – Chequing.

 

    1. Jan 31, Memo was issued in response to a revised calculation of anticipated bad debts based on a percentage of accounts receivable.  Management has requested the Allowance for Doubtful Accounts should be $825 at the end of January. Record the adjustment entry 80% to the Sales Department and 20% to the Service department.

 

    1. Jan 31, the $1, 800 of Term Loan (one-year remaining) is for the period of January 1, 2021 to December 31, 2021, and the monthly interest rate is 2.5%.  Record the monthly interest to Service Department, interest and principal repayments from Chequing Account for January, 2021

 

  1. Post the batch and export the PDF posting journal to the Reports – T1– Your Name folder. (File Name “R2_Yourlastname_last3digitsID#_Current .pdf”)

 

  1. Create the allocation Batch for the Telephone Expense. Enter a batch description: Your Name – Allocation and use January 16, 2021 as the journal entry date. 

 

  1. Post the allocation batch and export the PDF posting journal to the Reports – T1–

Your Name folder. (File Name “R3_Yourlastname_last3digitsID#_Allocation .pdf”)

 

 

  1. Add the following budget sets for 2021:

 

        • Account 4500- NB1- Revenue from Service has a total fiscal year budget amount of $46,000

 

        • Account 4500- NB2- Revenue from Sales will use the budget set from Account 4500- NB1 and increase by $1,000 per fiscal period.

 

Save each of the above budget screens to the Reports – T1– Your Name folder.

When each of the above budget displayed on the screen, press [Alt] + Fn + [Print Screen] or [Alt] + [Print Screen] depending on the type of your keyboards. This step will place a copy of the budget set on the clipboard. And paste each of the above budget screens onto a word document and save the word document with your name on it. 

(File Name “R4_Yourlastname_last3digitsID#_Budgets”)

 

  1. Export the following PDF reports to the Reports – T1– Your Name folder.

 

  • G/L Options report (File Name “R5_Yourlastname_last3digitsID#_Option”)
  • Segment Code Report (File Name “R6_Yourlastname_last3digitsID#_SGC”)
  • Account Structures report (File Name “R7_Yourlastname_last3digitsID#_AST”)
  • Chart of Accounts – Long Form (File Name “R8_Yourlastname_last3digitsID#_ACT”)
  • G/L Batch Status report (File Name “R9_Yourlastname_last3digitsID#_BST”)

 

  1. Dump your test solution files OMNSYS and OMNDAT to the folder 204 – T1– XXX –  Your Name on the local C:/ Drive or your USB. 

 

  1. Highlight your 204 – T1– XXX– Your Name (make sure inside this folder including your test backup data files OMNDAT and OMNSYS, remove the hyphen if you cannot compress the folder) on the local C:/ Drive or your USB and right click on 204 – T1– XXX– Your Name folder, and select the option “Send to Compressed (Zipped) Folder. 

 

And Highlight your Reports – T1– Your Name folder (9 reports included, remove the hyphen if you cannot compress the folder) and right click on Reports – T1– Your Name folder, and select the option “Send to Compressed (Zipped) Folder. 

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