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

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?