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Practice-set-Group-2.docx - PHILIPPINE COLLEGE OF...

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PHILIPPINE COLLEGE OF NORTHWESTERN LUZONSan Antonio, Agoo, La Union 2504 PhilippinesTel. (072) 607-3883Office of the Department of AccountancyUnder Graduate StudiesBachelor of Science in AccountancyAccounting 101: Fundamentals of AccountingIN PARTIAL FULFILLMENT OF REQUIREMENT FOR THE COMPLETION OFBachelor of Science in AccountancyWAGWAG ENTERPTISESSUBMITTED TO:HERNAN L. PARROCHA, CPA, CTTSUBMITTED BY:Team 2Cunanan, AlexandraDamian, DanizaGarcia, AngelicaMilanes, MicahRivera, ChristalDATEJANUARY 12, 2022
SUMMARYThis practice set shows the recorded business transactions of Wagwagenterprises for the month of September 200X. The owner Mr. Juan Wagwagoperates a wholesale second-hand clothing business. As the accountant of thebusiness, this practice set will show you the business transactions of Wagwagenterprises. It contains the source documents that serves as a proof of thebusiness transaction in the journals which are arranged chronologically withequivalent value that affects the business. The said transactions are listed andclassified in the general journal and special journals. In the subsidiary ledgers,the list of customers and creditors are listed and the transactions they made tothe business. While the trial balance will prove the equality of the debit andcredit in the ledger and to serve as the basis for adjusting entries. In theworksheet, the unadjusted trial balance will be adjusted and be reflected to theadjusted trial balance to prove the equality of the debit and credit even afteradjustments. The financial statements show the processed information that willbe communicated to end-users to help them in making decisions. Adjustingentries take up accruals, prepayments, deferrals, depreciation, uncollectibleaccounts, estimation, and other events often not signaled by new sourcedocuments. These adjusting entries will be summarized to the adjusted trialbalance which are also present in the worksheet. I the closing entries, thebooks will be closed by journalizing and posting closing entries and ruling aswell as balancing real accounts. And for the final process, post-closing trialbalance take place to prove the equality of the debit and credit after the closingprocess.This report contains the processes that the Accountant of the companymade as per the business of Mr. Juan Wagwag, Wagwag Enterprises.
PREFACEIn partial fulfillment of the subject Fundamentals of Accounting. Theauthors of this project are first year students on Philippine College ofNorthwestern Luzon (PCNL) taking up Bachelor of Science in Accountancy(BSA). This project contains important aspects such as the Source Documents,Ledgers, Journals, Trial Balance, Worksheet, Financial Statements,Adjustments, closing entries, and Post Closing Trial Balance of the businessnamed as Wagwag Enterprises. The authors dedicate this final project to theirfamilies and loved ones before the first semester closes. It is with utmostpleasure that by having this project, the authors have enhanced theirknowledge and skills to present their final project.

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Term
Fall
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invoice, Wagwag Enterprises

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