Fundamentals of Accounting With Analytics - Workbook v2023

Smartbooks Fundamentals of Accounting with
Analytics Workbook
EXERCISE WORKBOOK
Smartbooks Fundamentals of
Accounting with Analytics
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
1
Analytics Workbook
1. Basic Navigation
Exercise 1.1
Fill each blank with the appropriate words or terminologies that will make the statements correct.
1. Navigation in Smartbooks is done using the___________________. This menu contains a list of all
modules with their related options.
2. The _______________ extends along the entire lower edge of the Smartbooks main window and
contains various fields.
3. A/an __________________ appears on a red background and informs you that the procedure cannot
continue until corrective action is taken.
4. A/an ___________________ appears on a green background and confirms the successful execution of
a procedure.
5. A ____________________ function is normally linked with the master data and documents. Using it
will open the detailed information.
Exercise 1.2
Identify the terminologies being described by each sentence.
1. This application facilitates data sharing, information flows, and introduction of common business
practices among business units in the organization. It enables an organization to automate and integrate
its key business processes.
2. This is also known as Internal Cloud, is a cloud-based infrastructure operated exclusively for a single
organization with all data protected behind an internal firewall.
3. This is also known as External Cloud, is available to the public where data are created and stored on
third-party servers.
2
Analytics Workbook
4. This is a key feature of cloud
computing where resources can be
accessed anywhere (except on limitations set by company's internal control).
5. It is one of the major units of Smartbooks that produces the traditional Financial Statements, such as
Income Statement, Balance Sheet, Statement of Cash Flow, Tax Returns, Reports / Schedules, and other
reports mandated by the government.
2. Chart of Accounts
Exercise 2.1
1. What do you call the type of an account that is used for creating journal entries, whether manual or
system-generated inside Smartbooks?
A. Parent Account C. Postable Account

B. Cash Account D. Both A and C
2. (True or False) G/L Account in Smartbooks Cloud Accounting is specific and unique to enable
unnecessary account repetitions as reference to its branch accounting feature. _________
3. Chart of Accounts of Smartbooks Cloud Accounting can be viewed and managed through the
_________ module.
4. The ________________ accounts reflect the monitory value of the company - stock, assets, debt,
etc. These accounts are carried over from one fiscal year to the next.
5. ______________________ accounts has to be cleared at the end of each fiscal year through Period
End Closing process.
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Smartbooks Basic with Analytics Workbook
Exercise 2.2
Generate and download the Chart of Accounts List Report and submit it to your instructor.
G/L Account No. From: Topmost Account
G/L Account No. To: Bottommost Account
4
Accounting Cycle
Exercise 3.1 Manual Journal Entry
Financials > Journal Vouchers
Post the following journal entries:
Transacti Date Particulars Amount Entry

on
After
3.1 A Janua The owner invested a start-up cash Php Dr. Cash on Hand 500,000
ry 01, for the business. 500,000 Cr. Aquino, Capital
20XX 500,000
3.1 B Janua Purchased office equipment for Php 75, Dr. Office Equipment 75,000
ry 02, cash 000 Cr. Cash on Hand
20XX 75,000
3.1 C Janua Payment of 1-year rental for cash Php Dr. Prepaid Rent 60,000
ry 07, 60,000 Cr. Cash on Hand 60,000
20XX
3.1 D Janua Paid business registration and Php Dr. Taxes & Licenses 13,000
ry 10, municipal tax 13,000 Cr. Cash on Hand
20XX 13,000
3.1 E Janua Rode a taxi to get the supplies to Php 2,000 Dr. Transportation 2,000
ry 13, the main office Cr. Cash on Hand 2,000
20XX
performing the exercises, please put the screenshot of the journal entry for each transaction in the
boxes below.
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Output Screenshot- Exercise 3.1
Transaction 3.1 A
Insert the screenshot below:
6
Transaction 3.1 B
7
Transaction 3.1 C
8
Transaction 3.1 D
9
Transaction 3.1 E
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Exercise 3.2 Journal Entry List

Financials > Reports > Journal Entry List
Generate the Journal Entry list for the created transaction in Exercise 3.1.
Screenshot the output of the transaction generated in the box below.
11
Exercise 4.1 Recurring Entry

Financials > Recurring Postings
Make a recurring posting with the ff. details below.
Screenshot the output created in the box below.
Code: EW_(Section Name + Student's Initials)

Description: Electricity & Water Payment
Journal Entry: Electricity & Water 2,000
Cash on Hand 2,000
Frequency: Monthly
Start/End Date: January 17, 20XX December 17, 20XX
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Exercise 5.1 Purchases Journal

Purchases > AP Voucher
Record the ff. transactions using the A/P Voucher document:
Transaction Particulars
5.1 A On February 3, 20XX, the company received the billing from PLDT worth Php 11200
(tax inclusive). It is to be recorded as Communication Expense on the AP Voucher.
5.1 B On February 11, 20XX, the company received the billing from Philhealth, worth Php
3000, for the employees’ recent salary.
5.1 C On February 14, 20XX, the company received the billing from SSS, worth Php 5000,
for the employees’ recent salary.
After performing the exercises, please put the screenshot of the document and journal entry for each
transaction in the boxes below.
13

Transaction 5.1 A
AP DOCUMENT
JOURNAL ENTRY
Transaction 5.1 B
AP DOCUMENT
14
JOURNAL ENTRY
Transaction 5.1 C
AP DOCUMENT
15
JOURNAL ENTRY
16
Exercise 6.1 Cash Disbursement Journal

Treasury > Cash Outflows > Cash Outflows-Supplier
Perform the ff. payment transaction to the ff. suppliers using the Cash Outflows document
Transactio Particulars In reference

n to
6.1 A On March 15, 20XX, the invoice from PLDT was paid for by Exercise 5.1 A
cash.
6.1 B On March 16, 20XX, the invoice from Philhealth was paid for Exercise 5.1 B
by cash
6.1 C On March 17, 20XX, the invoice from SSS was paid for by Exercise 5.1 C
cash.
17

Transaction 6.1 A
PAYMENT DOCUMENT
JOURNAL ENTRY
Transaction 6.1 B
PAYMENT DOCUMENT
18
JOURNAL ENTRY
19
Transaction 6.1 C
PAYMENT DOCUMENT
JOURNAL ENTRY
20
Exercise 7.1 Sales Journal

Sales > Invoice
Record the ff. transactions using the Invoice document:
Transactio Particulars
n
7.1 A On April 1, 20XX, the company billed Buzz Abunda for the services it
rendered worth P 50,000 (tax exclusive). It is to be recorded as Sales and
Service Revenue in the invoice.
7.1 B On April 5, 20XX, the company rendered service to Dress Wonders

amounted to P 80,000 (tax included). It is to be recorded as Sales and
Service Revenue in the invoice.
transaction in the boxes below..
21

Transaction 7.1 A
AR DOCUMENT
JOURNAL ENTRY
Transaction 7.1 B
AR DOCUMENT
22
JOURNAL ENTRY
23
Exercise 8.1 Cash Receipts Journal

Treasury > Cash Inflows > Cash Inflows-Customer
Perform the ff. payment transaction to the ff. suppliers using the Cash Inflows document
Transactio Particulars In reference

n to
8.1 A On May 3, 20XX, the invoice to Buzz Abunda was collected Exercise 7.1 A
for by cash.
8.1 B On May 6, 20XX, the invoice from Dress Wonders was Exercise 7.1 B
collected for by cash
24

Transaction 8.1 A
COLLECTION DOCUMENT
JOURNAL ENTRY
Transaction 8.1 B
COLLECTION DOCUMENT
25
JOURNAL ENTRY
26
Exercise 9.1 General Ledger

Financials > Reports > General Ledger
Generate and download a detailed crystallized G/L report and submit to your instructor
9.1 A
Branch: ALL
G/L: 10110101 – Cash on Hand
Date: January 1, 20XX to December 31, 20XX
9.1 B
Branch: ALL
G/L: 20100100 – Accounts Payable
9.1 C
Branch: ALL
G/L: 10210100 – Accounts Receivable
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Exercise 10.1 Subsidiary Ledger

Financials > Reports > Subsidiary Ledger
Generate a detailed Subsidiary Ledger.
Screenshot the output of the transaction generated in the box below.
10.1 A
S/L Type: Supplier

S/L Account No: S00002- PLDT
G/L Account No: 20100100- Accounts Payable
10.1 B
S/L Type: Customer

S/L Account No: MAIN-C00003- Dress Wonders
G/L Account No: 10210100- Accounts Receivable
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10.1 A
10.1 B
29
30
Exercise 11.1 Adjusting Entry

Financials > Journal Vouchers > input notes as Adjusting Entry
11.1 A
At the end of the year, salaries amounting to Php12,000 was accrued. Make an adjusting entry to
recognize salaries expense.
Salaries and Wages 12,000

Accrued Payable 12,000
Accrual of salaries at end year-end
Journal Date: Current date
Creation Date: December 31, 20XX
11.1 B
31
Make an adjusting entry to depreciate the Office Equipment. Useful life is 5 years and salvage value is
10%. Use straight line method.
Depreciation Expense – Office Equipment 13,500

Accum. Depreciation - Office Equipment 13,500
Depreciation of office equipment for the year
32
11.1 C
At the end of the year, rent for 6 months was used. Make an adjusting entry.
Rental Expense 30,000

Prepaid Rent 30,000
Adjustment of utilized prepaid rent

33
Exercise 12.1 Trial Balance

Financials > Reports > Trial Balance
Generate and download a detailed crystallized trial balance report and submit to your instructor
Profit Center: ALL

Branch: Head Office
As of: December 31, 20XX
34
Exercise 13.1 Financial Statements

Generate a crystalized report.
Balance Sheet – As of December 31, 20xx
35
Statement of Profit and Loss
Generate a crystalized report.

Income Statement / Profit or Loss – January 1, 20xx to December 31, 20xx
36
Exercise 14.1 Closing Entries

Close the temporary accounts.
Closing Period: December 20xx
37
6. Case Study – Merchandising
A&B Apparel started their clothing business and completed the following transactions in 20xx.
Exercise 16.1 Manual Journal Entry
Post the following journal entries in Smartbooks. Accounts to be used are provided below.
Jan 15 The entity made an initial investment P500,000.

Feb 14 Purchased the following items from S00006:
I00005 – 65 units
I00007 – 45 units
I00010 – 30 units
Feb 28 Acquired Furniture & Fixtures, P65,000. The entity estimates that the useful life is 7 years.
Mar 1 Paid rent for 2 years, P38,000. Use asset method.
Mar 15 Sold the following items:
Customer Item Qty

MAIN-C00006 I00007 20
MAIN-C00008 I00010 18
Mar 14 Paid the purchases made from S00006.

Apr 1 Received full payment from MAIN-C00006.
Apr 7 Received full payment from MAIN-C00008.
May 8 Sold the following items:
Customer Item Qty

MAIN-C00001 I00005 32
MAIN-C00007 I00007 14
Jun 6 Purchased the following items from S00003:

I00001 – 15 units
I00006 – 25 units
I00009 – 29 units
Jun 8 Sold the following items:
Customer Item Qty

MAIN-C00003 I00006 13
MAIN-C00008 I00009 24
Jul 6 Paid the purchases made from S00003.
38
Jul 8 Received full payment from MAIN-C00003 and MAIN-C00008.

Aug 15 Paid salaries P40,000.
Oct 1 Obtained a 1-yr 3% loan from D&E Bank for P80,000.
Exercise 17.1 Adjusting Entry

Make an adjusting entry for the following on December 31, 20xx:
1. Depreciate Furniture & Fixtures using straight line method.

2. Adjust rent paid last Mar 1.
3. Accrue salaries amounting to P14,000
Use the following G/L Accounts:
G/L Account No. G/L Account Name

Assets
10110101 Cash on Hand
15110200 Furniture & Fixtures
15180200 Accumulated Dep'n - Furniture & Fixtures
10420100 Prepaid Rent
10210100 Accounts Receivable
Liabilities
20110200 Loan Payable
20100100 Accounts Payable
20120200 Accrued Payable
Equity
30110100 Authorized Capital Stock
Expenses
60001010 Salaries & Wages
60011010 Depreciation Expense - Furniture & Fixtures
60006010 Rental Expense
39
Exercise 17.1 Trial Balance

Generate trial balance as of December 31, 20xx.
Exercise 18.1 Financial Statements

Generate the following:
Profit and Loss Statement – For the year 20xx

Balance Sheet - As of December 31, 20xx
Insert the screenshots of your answers below:
***Nothing follows***
40

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Smartbooks Fundamentals of Accounting with

A. Parent Account C. Postable Account

G/L Account No. From: Topmost Account

G/L Account No. To: Bottommost Account

Post the following journal entries:

Transacti Date Particulars Amount Entry

Output Screenshot- Exercise 3.1

Exercise 3.2 Journal Entry List

Screenshot the output of the transaction generated in the box below.

Output Screenshot- Exercise 3.2

Exercise 4.1 Recurring Entry

Make a recurring posting with the ff. details below.

Screenshot the output created in the box below.

Code: EW_(Section Name + Student's Initials)

Output Screenshot- Exercise 4.1

Exercise 5.1 Purchases Journal

Record the ff. transactions using the A/P Voucher document:

Output Screenshot- Exercise 5.1

Exercise 6.1 Cash Disbursement Journal

Transactio Particulars In reference

Output Screenshot- Exercise 6.1

Exercise 7.1 Sales Journal

Record the ff. transactions using the Invoice document:

7.1 B On April 5, 20XX, the company rendered service to Dress Wonders

Output Screenshot- Exercise 7.1

Exercise 8.1 Cash Receipts Journal

Transactio Particulars In reference

Output Screenshot- Exercise 8.1

Exercise 9.1 General Ledger

Exercise 10.1 Subsidiary Ledger

Generate a detailed Subsidiary Ledger.

Screenshot the output of the transaction generated in the box below.

S/L Type: Supplier

S/L Type: Customer

Output Screenshot- Exercise 10.1

Exercise 11.1 Adjusting Entry

Salaries and Wages 12,000

Insert the screenshot below:

Depreciation Expense – Office Equipment 13,500

Insert the screenshot below:

Rental Expense 30,000

Journal Date: Current date

Insert the screenshot below:

Exercise 12.1 Trial Balance

Profit Center: ALL

Insert the screenshot below:

Exercise 13.1 Financial Statements

Insert the screenshot below:

Statement of Profit and Loss

Generate a crystalized report.

Insert the screenshot below:

Exercise 14.1 Closing Entries

Insert the screenshot below:

6. Case Study – Merchandising

Exercise 16.1 Manual Journal Entry

Jan 15 The entity made an initial investment P500,000.

Customer Item Qty

Mar 14 Paid the purchases made from S00006.

Customer Item Qty

Jun 6 Purchased the following items from S00003:

Customer Item Qty

Jul 8 Received full payment from MAIN-C00003 and MAIN-C00008.

Exercise 17.1 Adjusting Entry