Professional Documents
Culture Documents
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
Copy and paste the screenshot of the TRANSACTION JOURNAL REPORT here:
FIT ACADEMY l GF King’s Court Bldg II., Chino Roces cor. Delarosa Sts., Makati City 1200, Philippines l Telephone Number: 63. 2.759.4348 l www.fitacademy.ph
Page 39 / 49
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.
Copy and paste the screenshot of the TRANSACTION JOURNAL REPORT here:
FIT ACADEMY l GF King’s Court Bldg II., Chino Roces cor. Delarosa Sts., Makati City 1200, Philippines l Telephone Number: 63. 2.759.4348 l www.fitacademy.ph
Page 40 / 49
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.
Copy and paste the screenshot of the TRANSACTION JOURNAL REPORT here:
FIT ACADEMY l GF King’s Court Bldg II., Chino Roces cor. Delarosa Sts., Makati City 1200, Philippines l Telephone Number: 63. 2.759.4348 l www.fitacademy.ph
Page 41 / 49
Exercise 6.4
Generate the General Ledger as of the date of the latest transaction.
FIT ACADEMY l GF King’s Court Bldg II., Chino Roces cor. Delarosa Sts., Makati City 1200, Philippines l Telephone Number: 63. 2.759.4348 l www.fitacademy.ph
Page 42 / 49
Exercise 6.5
Generate the Trial Balance as of the end of the year.
FIT ACADEMY l GF King’s Court Bldg II., Chino Roces cor. Delarosa Sts., Makati City 1200, Philippines l Telephone Number: 63. 2.759.4348 l www.fitacademy.ph
Page 43 / 49
Exercise 6.6
Generate the Balance Sheet as of the end of the year.
FIT ACADEMY l GF King’s Court Bldg II., Chino Roces cor. Delarosa Sts., Makati City 1200, Philippines l Telephone Number: 63. 2.759.4348 l www.fitacademy.ph
Page 44 / 49
Exercise 6.7
Generate the Income Statement as of the end of the year.
FIT ACADEMY l GF King’s Court Bldg II., Chino Roces cor. Delarosa Sts., Makati City 1200, Philippines l Telephone Number: 63. 2.759.4348 l www.fitacademy.ph
Page 45 / 49
Exercise 6.8
Perform Period End Closing for the year 20XX.
Copy and paste the screenshot of the closing entries generated by the system using TRANSACTION
JOURNAL REPORT here:
FIT ACADEMY l GF King’s Court Bldg II., Chino Roces cor. Delarosa Sts., Makati City 1200, Philippines l Telephone Number: 63. 2.759.4348 l www.fitacademy.ph
Page 46 / 49
FIT ACADEMY l GF King’s Court Bldg II., Chino Roces cor. Delarosa Sts., Makati City 1200, Philippines l Telephone Number: 63. 2.759.4348 l www.fitacademy.ph
Page 47 / 49
Exercise 7.1
FIT ACADEMY l GF King’s Court Bldg II., Chino Roces cor. Delarosa Sts., Makati City 1200, Philippines l Telephone Number: 63. 2.759.4348 l www.fitacademy.ph
Page 48 / 49
Exercise 7.2
FIT ACADEMY l GF King’s Court Bldg II., Chino Roces cor. Delarosa Sts., Makati City 1200, Philippines l Telephone Number: 63. 2.759.4348 l www.fitacademy.ph
Page 49 / 49