Assignment Template attached below

Part 1:

Denzel Brooks opens a web consulting business called Venture Consultants and completes the following transactions in March:

March 1: Brooks invested $150,000 cash along with $22,000 of office equipment in the company.

March 2: Venture Consultants pre-paid $6,000 cash or six months? rent for their office.

March 3: Venture Consultants made credit purchases for office equipment for $3,000 and office supplies for $1,200. Payment is due within 10 days.

March 6: Venture Consultants completed services for a client and immediately received $4,000 cash.

March 9: Venture Consultants completed a $7,500 project for a client who must pay within 30 days.

March 12: Venture Consultants paid $4,200 cash to settle the account payable created on March 3.

March 19: Venture Consultants paid a $5,000 cash premium on a 12-month insurance policy.

March 22: Venture Consultants received $3,500 cash as a partial payment for the work completed on March 9.

March 25: Venture Consultants completed work for another client for $3,820 on credit.

March 29: Brooks withdrew $5,100 cash from the company for personal use.

March 30: Venture Consultants purchased $600 of additional office supplies on credit.

March 31: Venture Consultants paid $500 cash for this month?s utility bill.

Instructions:

Prepare journals for the above economictransactions. Use the file called "Assignment Template" in the assignmentsectionfor Part #1, Venture Capital Consultants. Enter your journals to the general ledger using the same file name.

Part 2:

See image attachments

Part 3:

See image attachments

PLEASE INPUT ANSWERS INTO THE ATTACHED template.xlsxfile including the financial statements

Option #1: Venture Consultants, Power and Demolition Company, and Warnerwood Accounting Cases PART 1: Date Venture Consultants The month of March transaction Account Names Debit Credit 1-Mar 2-Mar 3-Mar 6-Mar 9-Mar 12-Mar 19-Mar 22-Mar 25-Mar 29-Mar 30-Mar 30-Apr $216,420 PART 2A $216,420 Power and Demolition Co, Adjustment April 30, 2015 Adjust # Account Names Debit Credit 1 2 3 4 5 6 7 8 PART 2B Power and Demolition Co, Adjustment April 30, 2015 Continued UTB ADJUSTMENT ATB Acct # Account Names Debit Credit Debit Credit Debit Credit 101 Cash $7,000 $7,000 126 Supplies $16,000 128 Pre-paid insurance $12,600 167 Equipment $200,000 Accumulated. Deprecia $14,000 201 Account payable $6,800 Utilities payable Wages payable Rent Payable PropertyTxPayable Interest payable 251 Long-term notes payable $30,000 301 Bonn, Equity $86,900 302 Bonn, Withdrawals 401 Demolition fees earne 623 Wage expense 633 Interest expense 640 Rent expense 683 Property tax expense 684 Repairs expense 690 Utilities expense Supply expense Insurance expense Depreciation expense TOTALS $12,000 $187,000 $41,400 $3,300 $13,200 $9,700 $4,700 $4,800 $324,700 $324,700 BE SURE TO CREATE A FINANCIAL STATEMENT FROM THE ABOVE ATB PART 3 Warnerwood Company Column-> A B C D E F Date Activities # Units BuyCost/unit #Units SoldPrice/unit Cost GAS Sales 1-Mar BI 5-Mar TI 9-Mar TO 18-Mar TI 25-Mar TI 29-Mar TO TOTAL Q1. Units in Available for Sales is BI + TI (Column B)= Q2. BI + TI - TO = EI= 820 minus 580 Units (BI + TI) = equals Q3. FIFO Q3. LIFO Q3. Weighted Average Weighted cost/unit= Cost EI= Q.4 Q4. FIFO Q4. LIFO Q4. WtAvg Sales COGS/Method G Gross Profit 240