REQUIREMENTS ( I)

1. Prepare compound journal entries on a daily basis , on a two column general journal. All entries must be
complete with date , short explanation and filling up of posting reference or ledger folio.
2. Post transactions in ledgers complete with date and posting reference. Note: Use the three column format for
your ledgers: Debit; Credit; Balance
3. Prepare the trial balance as of January 31, 2021
4. Prepare the financial statements as follows:
REQUIREMENTS (II): Same requirements above but using the Perpetual System of Inventory Accounting. Assume the
following:

1. Prepare compound journal entries on a daily basis , on a two column general journal. All entries must be complete
with date , short explanation and filling up of posting reference or ledger folio.
2. Post transactions in ledgers complete with date and posting reference. Note: Use the three column format for your
ledgers: Debit; Credit; Balance