EXERCISE WORKBOOK FOR STUDENTS- FABM1

COMPUTERIZED BOOKKEEPING

EXERCISE WORKBOOK

TABLE OF CONTENTS

TABLE OF CONTENTS...................................................................................................................................2

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1. Knowing SAP Business One in a Cloud Platform......................................................................................5

Exercise 1.1..............................................................................................................................................5
Exercise 1.2..............................................................................................................................................5
Exercise 1.3..............................................................................................................................................6
2. Chart of Accounts....................................................................................................................................8
Exercise 2.1..............................................................................................................................................8
3. Accounting Cycle.....................................................................................................................................9
Journal Entries.........................................................................................................................................9
Exercise 3.1..........................................................................................................................................9
Output Screenshot.............................................................................................................................10
Special Journals.....................................................................................................................................17
Exercise 4.1........................................................................................................................................17
Output Screenshot.............................................................................................................................18
Exercise 4.2........................................................................................................................................24
Output Screenshot.............................................................................................................................25
Exercise 4.3........................................................................................................................................36
Output Screenshot.............................................................................................................................37
Exercise 4.4........................................................................................................................................43
Output Screenshot.............................................................................................................................44
Output Reports..................................................................................................................................51
General Ledger......................................................................................................................................52
Exercise 5.1........................................................................................................................................52
Output Report...................................................................................................................................52
Unadjusted Trial Balance.......................................................................................................................57
Exercise 6.1........................................................................................................................................57
Output Report...................................................................................................................................57
Adjusting Entries- Accruals....................................................................................................................64
Exercise 7.1........................................................................................................................................64
Exercise 7.2........................................................................................................................................64
Exercise 7.3........................................................................................................................................64

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Exercise 7.4........................................................................................................................................64
Output Screenshot.............................................................................................................................66
Adjusting Entries- Deferrals...................................................................................................................70
Exercise 8.1........................................................................................................................................70
Exercise 8.2........................................................................................................................................70
Output Screenshot.............................................................................................................................71
Adjusted Trial Balance...........................................................................................................................76
Exercise 9.1........................................................................................................................................76
Output Report...................................................................................................................................76
Financial Statements.............................................................................................................................77
Exercise 10.1......................................................................................................................................77
Exercise 10.2......................................................................................................................................77
Output Reports..................................................................................................................................77
Post- Closing Trial Balance.....................................................................................................................78
Exercise 11.1......................................................................................................................................78
Output Report...................................................................................................................................78
PRACTICE SET/COMPREHENSIVE EXERCISES.............................................................................................79
Transactions..........................................................................................................................................79
Output Report.......................................................................................................................................81

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EXERCISE WORKBOOK FOR STUDENTS- FABM1
COMPUTERIZED BOOKKEEPING

1. Knowing SAP Business One in a Cloud Platform

Exercise 1.1
Fill each blank with the appropriate words or terminologies that will make the statements correct.

1. The ______________ displays at the top of the screen. It contains the Windows standard menu
(File, Edit, Window, Help) as well as generic SAP Business One functions.

2. The _____________ is a collection of icon buttons that grant you easy access to commonly-used
functions.

3. Navigation in SAP Business One is done using the _____________. It arranges the functions of the
individual applications in a tree structure.

4. The users of SAP Business One are defined in the _____________ window.

5. Accessing SAP Business One on Cloud is done using _____________ like Google Chrome, Mozilla
Firefox or Safari.

Exercise 1.2
Identify the terminologies being described by each sentence.

1. This is a business management software that allows an organization to use a system

of integrated applications to manage the business. It aims to serve as a backbone for your whole
business.

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.

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. This the place where SAP, a European multinational software corporation, was founded in 1972.

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Exercise 1.3

____________1. It is the method in which financial information is gathered, processed, and

summarized into financial statements and reports.
____________2. It is an ERP system that provides reliable, integrated solution to streamline your
financial operations.
____________3. Displays at the top of the screen and contains the Windows standard menu (File,
Edit, Window, Help) as well as generic SAP Business One functions.
____________4. It is a collection of icon buttons that grant you easy access to commonly-used
functions.
____________5. Choose this icon to open a new window with a list of all possible entries.
____________6. Choose this icon to open a dropdown list with all possible entries.
____________7. It allows you to open windows with related information.
____________8. You use it to create reports and to display information about business processes.
____________9. This is use to customize a personal menu to include windows, menu options, and
queries you use most frequently.
____________10. Contains the basic system settings for currency exchange rates, system setup, and
authorizations.

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II. Identify the following icons:

1. 9.

2. 10.

3. 11.

4. 12.

5. 13.

6. 14.

7. 15.

8.

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2. Chart of Accounts
Exercise 2.1
1. How many drawers are there inside the SAP Chart of Accounts?

A. None C. 9
B. 8 D. 10

2. What do you call the type of an account that is used for creating journal entries, whether manual or
system-generated inside SAP?

A. Title Account C. Active Account

B. Cash Account D. Both A and C

3. (True or False) G/L Account in SAP Business One on Cloud is specific and unique to enable
unnecessary account repetitions as reference to its branch accounting feature. ___________

4. What is the color of an account that refers to a Title Account?

A. Blue C. Red
B. Green D. Black

5. Based on the photo above, what part of the Edit Chart of Accounts section will you click if you wish
to add “Prepaid Expenses” account in the system?

A. Assets C. Operating Costs

B. Liabilities D. Non-Operating Income and Expenditure

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3. Accounting Cycle
Journal Entries
Exercise 3.1
Date Particulars Amount Entry
January 01, 20XX Ms. Diokno invested cash to start-up a Php 500,000 Dr. Cash on Hand 500,000
business. Cr. Diokno, Capital 500,000
January 02, 20XX Bought office equipment for cash Php 150, 000 Dr. Office Equipment 150,000
Cr. Cash on Hand 150,000
January 03, 20XX Ms. Diokno withdraw cash for an unforeseen Php 20,000 Dr. Diokno, Drawing 20,000
emergency Cr. Cash on Hand 20,000
January 07, 20XX Paid rent for cash Php 17,000 Dr. Rent expense 17,000
Cr. Cash on Hand 17,000
January 09, 20XX Paid business registration and municipal tax Php 13,000 Dr. Taxes and licenses 13,000
Cr. Cash on Hand 13,000
January 15, 20XX Bought office supplies for cash Php 15,000 Dr. Office Supplies 15,000
Cr. Cash on Hand 15,000
January 17, 20XX Rode a taxi to get the supplies to the main Php 2,000 Dr. Transportation 2,000
office Cr. Cash on Hand 2,000
Financials > Journal Entry

Perform the ff. manual journal entries inside SAP Business One

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Output Screenshot
Input the screenshot of your output in the ff. boxes provided below.

January 01- Transaction

FIT ACADEMY 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

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January 02- Transaction

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January 03- Transaction

FIT ACADEMY 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

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January 07- Transaction

FIT ACADEMY 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

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January 09- Transaction

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January 15- Transaction

FIT ACADEMY 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

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January 17- Transaction

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Special Journals

Exercise 4.1
Purchasing- A/P > A/P Invoice > select whether Item or Service

Getting ready for summer, the entity decided to purchase the following items to participate in the
seasons Annual Summer Festival event. The event will be attended by a lot of fashion designers and
couturiers and surely will attract a lot of customers.

Perform the ff. transactions using Special Journals

Transaction Date Particulars Quan Amount

tity
A January 20, 20XX Bought Eye Repair Cream at Olai 200
B January 20, 20XX Espil Co. rendered service to the company Php 15,000
machineries that are not working. (tax exclusive)

It is to be recorded as Repairs and

Maintenance Expense.
C January 21, 20XX As part of a continuing line in cosmetics, 250
the entity decided to buy a new product
called Illuminating Tinted Moisturizer SPF
20 from LA’Oreal

FIT ACADEMY 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

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Output Screenshot
Input the screenshot of your output in the ff. boxes provided below.

Transaction A- Invoice Document

FIT ACADEMY 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

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Transaction A- Journal Entry

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Transaction B- Invoice Document

FIT ACADEMY 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

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Transaction B- Journal Entry

FIT ACADEMY 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

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Transaction C- Invoice Document

FIT ACADEMY 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

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Transaction C- Journal Entry

FIT ACADEMY 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

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Exercise 4.2
Banking > Outgoing Payments > Outgoing Payments

Process the following payments from vendors/suppliers:

Transaction Date Particulars Payment Means Amount

D January 23, 20XX Partially paid Olai for items bought on Cash Php 50,000
January 20, 20XX in Exercise 4.1 (A1110-Cash on
Hand)
E January 23, 20XX Paid a partial amount of the service fee of Cash Php 10,000
Espil Co. in Exercise 4.1 (A1110-Cash on
Hand)
F January 23, 20XX Partially paid LA’Oreal for items bought Check Php 25,000
on January 20, 20XX in Exercise 4.1
G January 24, 20XX Paid Olai the amount remaining Check Remaining
Amount in the
Invoice
H January 24, 20XX Paid LA’Oreal the amount remaining Cash Remaining
(A1110-Cash on Amount in the
Hand) Invoice

FIT ACADEMY 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

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FIT ACADEMY 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

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FIT ACADEMY 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

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FIT ACADEMY 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

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FIT ACADEMY 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

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FIT ACADEMY 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

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Exercise 4.3
Sales- A/R > A/R Invoice > select whether Item or Service

The Annual Summer Festival has begun and you expect to have a lot orders from customers.

Perform the following transaction using Special Journals:

Transaction Date Particulars Quantity Amount

I January 27, 20XX Kris Aquino messaged the owner and 75
then requested to buy a stock of their
limited edition sunscreen item,
Illuminating Tinted Moisturizer SPF 20
J January 27, 20XX Also on the same day, Kris Aquino Php 15,120
requested for a full make-up service for (tax inclusive)
she will attend to an event later on the
day.
It is to be recorded as Service Income.
K January 28, 20XX Upon hearing that Kris Aquino visited 75
and buy some items to the enterprise,
Bea dela Cruz availed the same item
and quantity as well.

FIT ACADEMY 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

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Output Screenshot
Input the screenshot of your output in the ff. boxes provided below.

Transaction I- Invoice Document

FIT ACADEMY 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

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Transaction I- Journal Entry

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Transaction J- Invoice Document

FIT ACADEMY 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

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Transaction J- Journal Entry

FIT ACADEMY 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

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Transaction K- Invoice Document

FIT ACADEMY 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

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Transaction K- Journal Entry

FIT ACADEMY 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

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Exercise 4.4
Banking > Incoming Payments > Incoming Payments0

Enter the payment of the following /;customers:

Payment set-up of customers for the following services are shown below:

Transaction Date Particulars Payment Amount

Means
L January 29, 20XX Fully paid the items bought by client Cash Whole
Kris Aquino (A1110- Amount in
Cash on the Invoice
Hand)
M January 30, 20XX Full payment on the makeup services Cash Whole
rendered for Kris Aquino (A1110- Amount in
Cash on the Invoice
Hand)
N January 30, 20XX Partial payment on items procured by Cash Php 50,000
Bea dela Cruz (A1110-
Cash on
Hand)

FIT ACADEMY 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

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Output Screenshot
Input the screenshot of your output in the ff. boxes provided below.

Transaction L- Collection Document

FIT ACADEMY 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

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Transaction L- Journal Entry

FIT ACADEMY 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

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Transaction M- Collection Document

FIT ACADEMY 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

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Transaction M- Journal Entry

FIT ACADEMY 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

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Transaction N- Collection Document

FIT ACADEMY 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

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Transaction N- Journal Entry

FIT ACADEMY 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

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FIT ACADEMY 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

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Output Reports

To summarize all the transactions made with the Special Journals part, view the transaction journal
report and submit to your instructor via PDF or excel file.

FIT ACADEMY 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

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EXERCISE WORKBOOK FOR STUDENTS- FABM1
COMPUTERIZED BOOKKEEPING

General Ledger

Exercise 5.1
Financials > Financial Reports > Accounting > General Ledger

Generate the General Ledgx`er Report

Output Report
Submit the generated report/file to your instructor.

FIT ACADEMY 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

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FIT ACADEMY 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

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Exercise 6.3

PLACE YOUR SALES ORDER (SO) SCREENSHOT HERE

PLACE YOUR DELIVERY RECEIPT SCREENSHOT HERE

FIT ACADEMY 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

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COMPUTERIZED BOOKKEEPING

PLACE YOU’RE A/R INVOICE SCREENSHOT HERE

PLACE YOUR INCOMING PAYMENTS SCREENSHOT HERE

FIT ACADEMY 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

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EXERCISE WORKBOOK FOR STUDENTS- FABM1
COMPUTERIZED BOOKKEEPING

PLACE YOUR RELATIONSHIP MAP SCREENSHOT OF THE SALES PROCESS HERE

FIT ACADEMY 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

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EXERCISE WORKBOOK FOR STUDENTS- FABM1
COMPUTERIZED BOOKKEEPING

Unadjusted Trial Balance

Exercise 6.1
Financials > Financial Reports > Financial > Trial Balance > tick Ignore Adjustments

Generate the Unadjusted Trial Balance Report

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Output Report

Submit the generated report/file to your instructor.

FIT ACADEMY 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

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EXERCISE WORKBOOK FOR STUDENTS- FABM1
COMPUTERIZED BOOKKEEPING

Adjusting Entries- Accruals

Financials > Journal Entry > tick Adj. Trans. (Period 13) button

Prepare necessary adjusting entries to the ff. transactions occurred on January 30, 20XX:

Exercise 7.1
Office supplies amounting to Php 4,500 were unused until the end of the period. Having an amount of
Php 15,000 was shown on the unadjusted trial balance.

(Adjusting Entry)

Dr. Supplies Expense 10,500

Cr. Office Supplies 10,500

Exercise 7.2
Employee hours worked but not paid as of month-end, amounting to Php 22,000

(Adjusting Entry)

Dr. Salaries
and Wages 22,000
Cr. Accrued Expense 22,000

Exercise 7.3
A monthly interest on an investment earned but not yet received, amounting to Php 45,000.

(Adjusting Entry)

Dr. Interest Receivable 45,000

Cr. Interest Income 45,000

Exercise 7.4
Record depreciation expense for the month in relation to office equipment bought on January 01.

(Adjusting Entry)

Dr. Depreciation-Office Equipment 5,000

Cr. Accum. Dep.- Office Equipment 5,000

FIT ACADEMY 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

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COMPUTERIZED BOOKKEEPING

FIT ACADEMY 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

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Output Screenshot
Input the screenshot of your output in the ff. boxes provided below.

Exercise 7.1

FIT ACADEMY 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

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Exercise 7.2

FIT ACADEMY 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

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Exercise 7.3

FIT ACADEMY 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

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EXERCISE WORKBOOK FOR STUDENTS- FABM1
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Exercise 7.4

FIT ACADEMY 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

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EXERCISE WORKBOOK FOR STUDENTS- FABM1
COMPUTERIZED BOOKKEEPING

.Adjusting Entries- Deferrals

Financials > Journal Entry > tick Adj. Trans. (Period 13) button

Required:
Record the transaction and create necessary adjustments, assuming that the income for the month of
January was realized.

Exercise 8.1
On January 01, 20XX, John Cruz, a lawyer who decided to lease a space to us, in our company ABKD
Enterprise, in order to solve his problem of long travel time and motion sickness. The terms for the lease
are the ff:

 Monthly rent amounting to Php 7,000

 2 months advance and 1 month deposit

Initial transaction recorded as a liability.

(Initial Entry)- January 01, 20XX (Adjusting Entry)- January 31, 20XX

Dr. Cashon Hand 21,000 Dr. Unearned Income 7,000

Cr. Unearned Income 21,000 Cr. Rent Income 7,000

Exercise 8.2

JYC company, a client, availed a 12-month subscription to Kap One Magazine, one of the most known
Fashion Magazine worldwide, amounting to Php 300,000. The subscription will start effectively this
January 01, 20XX. Initial transaction recorded as an income by ABKD Enterprise.

(Initial Entry)- January 01, 20XX (Adjusting Entry)- January 31, 20XX

Dr. Cashon Hand 300,000 Dr. Unearned Income 7,000

Cr. Unearned Income 300,000 Cr. Subscription Income 7,000

FIT ACADEMY 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

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Output Screenshot
Input the screenshot of your output in the ff. boxes provided below.

Exercise 8.1 Initial

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COMPUTERIZED BOOKKEEPING

Exercise 8.1 Adjustment

FIT ACADEMY 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

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Exercise 8.2 Initial

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Exercise 8.2 Adjustment

FIT ACADEMY 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

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COMPUTERIZED BOOKKEEPING

FIT ACADEMY 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

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EXERCISE WORKBOOK FOR STUDENTS- FABM1
COMPUTERIZED BOOKKEEPING

Adjusted Trial Balance

Exercise 9.1
Financials > Financial Reports > Financial > Trial Balance

Generate the Trial Balance Report

Output Report

Submit the generated report/file to your instructor.

FIT ACADEMY 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

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EXERCISE WORKBOOK FOR STUDENTS- FABM1
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Financial Statements
Financials > Financial Reports > Financial > select Balance Sheet/ Profit and Loss Statement

Exercise 10.1
Generate the Balance Sheet Report

Exercise 10.2
Generate the Profit and Loss Statement

Output Reports
Submit the generated report/file to your instructor via PDF or excel file. Include your last name on the
file name.

FIT ACADEMY 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

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EXERCISE WORKBOOK FOR STUDENTS- FABM1
COMPUTERIZED BOOKKEEPING

Post- Closing Trial Balance

Financials > Financial Reports > Financial > Trial Balance > tick Add Closing Balances button

Exercise 11.1
Generate the Post-Closing Trial Balance Report

Output Report
Submit the generated report/file to your instructor.

FIT ACADEMY 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

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PRACTICE SET/COMPREHENSIVE EXERCISES

Transactions

DATE PARTICULARS
February 2 Invested additional cash amounting to Php 800,000

February 2 Paid rent amounting to Php 7,000 cash

February 3 Invested additional capital thru check worth Php 500,000

February 3 Bought office supplies amounting to Php 3,000. Check no. 008

February 4 Recorded transaction to Espil Co. for repair services rendered to company laptops
amounting to Php 112,000. Check no. 009 (vat not yet included)

February 5 Withdraw cash to bank account for an unforeseen epidemic, amounting to Php 75,000

February 9 Paid the invoice representing Espil Co. services on March 4.

February 9 Rode a taxi going to the office, Php 400.

February In line of company’s Anniversary, the enterprise bought 30 watches as a giveaway.

10 Embarked with its logo, totaling Php 2,500 each.

February Purchased 30 quantities of Matte Bronzer (B0004) form Silicon Bali via check, to include
10 with the Anniversary’s raffle.

February Recorded transaction to Dra. Dennis Gross Skincare for her talk about “Proper Hygiene
10 and Grooming”, amounting to Php4,000 (vat not yet included)

February Paid partial amount to Matte Bronzer bought on March 10, amounting to Php 5,000
12
February Paid also the seminar fee for Dra. Gross in full amount.
12
February Restock of office supplies amounting to Php 4,000
13
February Bought office equipment and office furniture for company’s On-the-Job trainees, Php
16 70,000 and Php 60,000, respectively. Check 119

February Paid the remaining amount payable to Silicon Bali for the Matte Bronzer
17
February Bought inventory, Sensibo Cleansing Milk, from Kiss My Cheeks for 150 items. Check
17 122.

FIT ACADEMY 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

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February Sold 50 items of Sensibo Cleansing Milk to Charles Lee.

18
February Paid the items bought on February 17. Full amount.
19
February Paid utilities for the month. Water Php 1,200 (Check no. 123) & Electricity Php 750
23 (Check no. 124)

February Paid telephone bill worth Php 1,799 via cash

24
February Paid salary of the bookkeeper for the end of the month for Php 15,000. Check no. 126
25
February Unused office supplies amounted to Php 1,500
28

February Record monthly depreciation for office equipment and office furniture.
28

Salvage/Scrap Value Estimated Useful Life

Office Equipment 5,000 5

Office Furniture 3,000 6

FIT ACADEMY 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

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Output Report

After the practice set or simulations is done, generate the following reports:

1. Transaction Journal Report

2. General Ledger
3. Financial Statement
3.1 Balance Sheet
3.2 Profit and Loss Statement
3.3 Cash Flow Report
4. Adjusted Trial Balance
5. Post-Closing Trial Balance

Submit all the generated report/file to your instructor via PDF or excel file.

FIT ACADEMY 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

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