I can finally ask you a question directly!! This is my portfolio project, I would need to turn it in by 5/3.

Option #1: Venture Consultants, Power and Demolition Company, and Warnerwood Accounting Cases Portfolio Project Option #1 is for accounting students who are sensing learners, and learn best from concrete materials and examples. If this is your learning style preference, you are practical and careful with detail. For this assignment, you are required to complete all three accounting cases: Venture Consultants, Power and Demolition Company, and Warnerwood. You will then present Parts 1, 2, and 3 of the Portfolio Project in Excel as journal entries, following the exact instructions that accompany each part. 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 economic transactions. Use the file called "Assignment Template" in the assignment section for Part #1, Venture Capital Consultants. Enter your journals to the general ledger using the same file name. Part 2: The following unadjusted trial balance is for Power and Demolition Company as of year-end for the April 30, 2015 fiscal year. The April 30, 2014 credit balance of the owner's equity account is $46,900, and the owner invested $40,000 cash in the company during 2015. NO. Account Title Debit 101Cash $7,000 126Supplies $16,00 0 128Pre-paid insurance $12,60 0 167Equipment $200,0 00 168 Accumulated depreciation - equipment Credit $14,00 0 201Accounts payable $6,800 251Long-term notes payable $30,00 0 301Bonn, equity $86,90 0 302Bonn, withdrawals $12,00 0 401Demolition fees earned $187,0 00 623Wage expense $41,40 0 633Interest expense $3,300 640Rent expense $13,20 0 683Property tax expense $9,700 684Repairs expense $4,700 690Utilities expense $4,800 TOTALS $324,7 $324,7 00 00 Instructions: a) Journalize the following adjusting entries as of fiscal year-end April 30, 2015. b) Post the adjusting entries to an unadjusted trial balance and prepare the adjusted trial balance. c) Create financial statements. 1. The supplies available at the end of fiscal 2015 year are at a cost of $7,900. 2. The cost of expired insurance for the fiscal year is $10,600. 3. Annual depreciation on equipment is $7,000; no other depreciation adjustment was made in 2015. 4. The April utilities expense of $800 is not included in the adjusted trial balance, because the bill arrived after the trial balance was prepared. The $800 amount owed needs to be recorded.. 5. The company's employees have earned $2000 of accrued wages in the fiscal year. 6. The rent expense not yet paid or recorded in the fiscal year is $3000. 7. Additional property taxes of $550 have been assessed for the fiscal year, but have not yet been paid or recorded in the accounts. 8. The $300 accrued interest for April has not yet been paid and reported. Part 3: The Warnerwood Company uses a perpetual inventory system. It entered the following purchases and sales transactions for March into the system: Date Activities Units Acquired at Cost Cost per Unit March 1 Beginning inventory 100 units $50 March 5 Purchase 400 units $55 March 9 Sales March 18 Purchase 120 units $60 March 25 Purchase 200 units $62 March 29 Sales Totals 820 units Units Sold at Retail Price per unit 420 $85 160 units $95 580 units Instructions: Show all of your work in an Excel spreadsheet for the following tasks: 1. 2. 3. 4. Compute the number of units available for sale. Compute the number of units in ending inventory. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, and (c) weighted average. (Round the average cost per unit to 2 decimal places.) Compute the gross profit earned by the company for each of the three costing methods. (Round the average cost per unit to 2 decimal places.) Portfolio Project Option 1 Student Template 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 $216,420 PART 2A 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. Depreci $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 $12,000 401 Demolition fees earne $187,000 623 Wage expense $41,400 633 Interest expense $3,300 640 Rent expense $13,200 683 Property tax expense $9,700 684 Repairs expense $4,700 690 Utilities expense $4,800 Supply expense Insurance expense Depreciation expense TOTALS $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 ACTSI'JD: Portfolio Project Hubric mm mum Ema-m \"mi... am... Content. Research. and Final-{sis _ Content: Demonstrates strong or Some significant but not Major errors or omissions Fails to demonstrate Part 1 - adequate knowledge of major errors or omissions in in demonstration of knowledge of jou mal Journal journal entries with demonstration of knowledge ofjournal entries with entries and completion of the 12 knowledge of jou mal entries with completion of completion ofthe 11 transactions journal entries required; entries with completion of the 12 journal entries journal entries 1121 to 11 are correct. the 12journal entries required; four to six required; four or required; seven to nine joumal entries are correct. fewerjournal entries journal entries are correct. are correct. Content: Demonstrates strong or Some significant but not Major errors or omissions Fails to demonstrate Part 2A - adequate knowledge of major errors or omissions in in demonstration of knowledge of Mjusting adjusting entries. {if the demonstration of knowledge of adjusting adjusting entries. {if entries in eight adjusting entries knowledge of adjusting entries. thhe eight the eight adjusting journal required; seven to eight entries. {if the eight adjusting entries required; entries required; two format adjusting entries are adjusting entries, five to six three to four entries are or fewer adjusting correcL adjusting entries are correct. entries are correct. correct. _ Content: Demonstrates strong or Some significant but not Major errors or omissions Fails to demonstrate Part 23 - adequate knowledge of major errors or omissions in in demonstration of knowledge of Adjusting adjusting entries. {if the demonstration of knowledge of adjusting adjusting entries. {if entries on a eight adjusting entries knowledge of adjusting entries. fthe eight the eight adjusting worksheet required; Seven to eight entries. {if the eight adjusting entries required, entries; two or fewer adjusting entries on the adjusting entries req uired, three to four of the adjusting entries are worksheet are correct. five to six of the adjusting adjusting entries are correct on the entries are correct on the correct on the worksheet. worksheet. worksheet. Demonstrates strong or Some significant but not Major errors or omissions Fails to demonstrate adequate knowledge of major errors or omissions in in demonstration of knowledge of inve ntor'grr and the cost of demonstration of knowledge of inventorv inventoryr and the goods sold. {if the three knowledge of inventorv and and the cost of goods sold. cost ofgoods sold. le questions as ked; all three the cost of goods sold. {if {if the three questions the three questions are correct. the three questions asked; asked, one is correct. askedr none are two are correct. correct. Application Demonstrates strong or Some significant but not Major errors or omissions Fails to demonstrate of Concepts adequate application of major errors or omissions in in application. application of kev of kev concepts of an application. concepts of an Mmunting accounting equation for accounting equation Equation business. for business. Mechanlcs and Writing Organisation Project is clea r13.r Small number of significant Major problems in Project is not well organized In journal but not major aws in organization of the journal organized. Journal entrv; worksheet; and journal entrv, worksheet; entrv; worksheet; and entrv; worksheet; table formats. Conforms and table formats. In a table formats. In a and table formats are to project requirements. minor wav does not significant wav does not awed. Does not confon'n to project conform to project conform to project requirements. requirements. requirements. Total points possible = 350