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6. Accounting Cycle
Exercise 6.1
Record the following transactions using the Manual Journal Entry:
On March 30, 20XX, the company issued ordinary share capital worth of P 500,000, payment received
and deposited on its GBP Bank Account 1
Exercise 6.2
Record the following transactions using the Manual Journal Entry:
On April 15 , 20XX, the company recorded a Salary Expense worth of P 250,000, paid for through the
company’s GBP Bank Account 1.
Exercise 6.3
Create the following entries in journal entry through the journal vouchers.
On April 10,20XX, the company will pay a total of P 15,000 from the Petty Cash fund for transportation
related expenses. This transaction is still subject to supervisor’s approval.
Submit the screenshot of the journal voucher created and the transaction journal report .
Exercise 6.4
Generate the General Ledger as of the date of the latest transaction.
Exercise 6.5
Generate the Trial Balance as of the end of the year.
Exercise 6.6
Generate the Balance Sheet as of the end of the year.
Exercise 6.7
Generate the Income Statement as of the end of the year.
Exercise 6.8
Perform Period End Closing for the year 20XX.