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The SLIMS COMPANY

Slim R. started a new business, The Slims Co, on January 2022, that sells 2 products P1 and P2. During the first month of operations, the business completed the following selected transactions: January 2: Slim began the business with an investment of $50.000 cash deposited in the RBC chequing account, land valued at $60.000, and a building valued at $120.000. The business gave him owners equity for the value of the 3 assets. January 3: purchased office supplies on account from Bureau en Gros, $2.600, before taxes. January 4: Purchased office furniture for $5.000, before taxes, paid by credit card January 5: Purchased on account, from Fanzy Co, 100 products P1 at $20 and 200 P2 at $10, before taxes January 12: sold on credit to Aidou &co 80 P1 at $30, before taxes and 150 P2 at $15, before taxes January 15: sold 10 P1 at $40, before taxes, paid by Mastercard. January 20: Received $2000 from Client Aidou as partial payment of the sale of January 15, deposited in the RBC account. January 22: issued a cheque on the RBC account as partial payment to Bureau en Gros for the purchase of supplies on June 3, $800 January 24: received a $2.000 bill for advertising expense that will be paid in the near future January 29: paid the following expenses with 2 separate cheques on the RBC account : o Rent of photocopier: $ 1.700 o Utilities: $400 Slim withdrew $6.500 from RBC account for her personal use

REQUIRED: 1. Create the Slims company in Sage 50. Name: The Slims Co Address: 1234, Ste Catherine Montreal 2. Dates: Start: 01/01/2022 Earlier transaction: 01/01/2022 End: 12/31/2022

3. List of accounts : Option : let Sage create a list Companys type : Generic company

4. Setting of credit cards: Used: Visa, payable account:2133- Visa payable Accepted: MasterCard, Commission:2%, asset: 1082- Mastercard receivable, 5892-Mastercard commissions

5. Setting of accounts : modify the following accounts : 1060 : Chequing Bank Account becomes : 1060 RBC Chequing account 3010 : becomes 3010 : Slim capital 3015 becomes 3015 : Slim withdrawals

1520 : Inventory A becomes 1520 : Bicycles P1 1530 : Inventory B becomes 1530 : Bicycles P2 2115 : Import duties becomes 2115 : Other accounts payable

4020 : sale of A becomes 4020 : Sale of P1 4030 : sale of B becomes 4030 : Sale of P2 4200: 4200: Consulting Services

5020 : COGS of inventory A becomes 5020 : Cost of P1 sold 5030 : COGS of inventory B becomes 5030 : Cost of P2 sold

6. Setting of vendors : Name : Bureau en gros, Terms : 2/10 ; n/30, Taxes : GST+QST Name : Fanzi Co. Terms : 2/10 ; n/30, Taxes: GST +QST

7. Setting of customers : Name : Sienna Products. Terms :1/10, n/30, Taxes: GST+ QST

8. Setting inventory : set up inventory numbers with their asset, sale and cost of goods sold accounts Product P1: P1001 Product P2: P2001

9. Record the january transactions using the approriate module

10. Edit : The journal of january transactions The trial balance at january 31,2022 The income statement for january 2022 The balance sheet at january 31, 2022 Answer the following questions: o Whats the balance of the RBC Account on January,31. o Whats the amount owed to Bureau en Gros on January 31 o Whats the amount still owed by client Aidou o Whats the quantity of P1 and P2 on hand on January 31 o Whats the net income e of the month.

11. Export the 4 above documents to a file named Sage 50 exercise + your name compress it and send it to teacher.

SAGE 50 LEARNING EXERCISE: The SLIMS COMPANY

Slim R. started a new business, The Slims Co, on January 2022, that sells 2 products P1 and P2. During the first month of operations, the business completed the following selected transactions: January 2: Slim began the business with an investment of $50.000 cash deposited in the RBC chequing account, land valued at $60.000, and a building valued at $120.000. The business gave him owners equity for the value of the 3 assets. January 3: purchased office supplies on account from Bureau en Gros, $2.600, before taxes. January 4: Purchased office furniture for $5.000, before taxes, paid by credit card January 5: Purchased on account, from Fanzy Co, 100 products P1 at $20 and 200 P2 at $10, before taxes January 12: sold on credit to Aidou &co 80 P1 at $30, before taxes and 150 P2 at $15, before taxes January 15: sold 10 P1 at $40, before taxes, paid by Mastercard. January 20: Received $2000 from Client Aidou as partial payment of the sale of January 15, deposited in the RBC account. January 22: issued a cheque on the RBC account as partial payment to Bureau en Gros for the purchase of supplies on June 3, $800 January 24: received a $2.000 bill for advertising expense that will be paid in the near future January 29: paid the following expenses with 2 separate cheques on the RBC account : o Rent of photocopier: $ 1.700 o Utilities: $400 Slim withdrew $6.500 from RBC account for her personal use

. Record the january transactions using the approriate module

The journal of january transactions The trial balance at january 31,2022 The income statement for january 2022 The balance sheet at january 31, 2022 Answer the following questions: o Whats the balance of the RBC Account on January,31. o Whats the amount owed to Bureau en Gros on January 31 o Whats the amount still owed by client Aidou o Whats the quantity of P1 and P2 on hand on January 31 o Whats the net income e of the month.

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