In the previous week's learning journal, we explored the initial steps of the accounting cycle. This week's journal serves as a continuation, where we will complete the accounting cycle for the transactions discussed in the previous week's journal.

For this week there is an Excel spreadsheet template attached to this unit's section that can be used for this assignment. Download the template and use it to fill in your answers (the journal and general ledger entries).

Submission Instructions

1. Based on the information mentioned in the spreadsheet and the template provided, prepare a financial statement for your company keeping the below factors in mind:
   • Income statement
   • Statement of retained earnings
   • Balance sheet
   • Once you have prepared these statements, provide your analysis based on the information presented.
   • Elaborate on the concept of perpetual and periodic inventory systems, provide relevant examples, and outline the distinctions between the two systems?
2. Provided an analysis of the financial statements. Please ensure your answer describes the insights conveyed by each financial statement and how this information aids stakeholders in decision-making. Your explanation should be based on the values presented in the financial statements of FunSun. Co. The length of your explanation should be between 250-500 words (not including the reference list)
3. Submit your completed spreadsheet document and your answers to the questions in the Learning Journal submission area.
4. Use APA citations and references for any sources used in the essay. Here is a quick link to learn about writing with APA.

For this week's reflection task:

Please read the transaction of FunSun. Co and use the template provided to:

• Pass the journal entries for transactions given
• Prepare the various t-account
• Prepare the trial balance
• Explain the uses of journal and ledger accounts.

Date	Transaction
April 1:	Commenced business with $35,000 of common stock for cash $35,000
April 2	Purchased Office supply for $ 1,100 on account
April 5	Billed customers $ 10,000 on the account.
April 12	Purchased a delivery van for $ 7,000 on loan.
April15	Paid rent for $ 5,000.
April 16	Paid Salaries to employees $4,000
April 17	Cash sales for $ 2,000
April 20	Paid insurance for one-year policy $1,800.
April 20	Paid the loan on van $1,000
April 21	Collected $ 9,000 for the bill on April 5.
April 25	Return office supply purchased on April 2 $ 100
April 27	Purchased additional furniture by paying cash for $ 2,000.
April 29	Cash withdrawal for personal use $ 1,000
Additional entries:
(a)	Depreciation for the month of April on van 5%
(b)	Accrued but unpaid employee salaries were $500
(c)	Earned but unbilled fees at October 31 were $600
(d)	One-twelfth of the insurance expired
(e)	Paid Dividend $,1000