Option 1 Venture Consultants, Power and Demolition Company, and Warnerwood Accounting Cases Portfolio Project Option 1is 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 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 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 Credit 101 Cash $7,000 126 Supplies $16,000 128 Pre paid insurance $12,600 167 Equipment $200,000 168 Accumulated depreciation equipment $14,000 201 Accounts payable $6,800 251 Long term notes payable $30,000 301 Bonn, equity $86,900 302 Bonn, withdrawals $12,000 401 Demolition fees earned $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 TOTALS $324,700 $324,700 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 The supplies available at the end of fiscal 2015 year are at a cost of $7,900 The cost of expired insurance for the fiscal year is $10,600 Annual depreciation on equipment is $7,000 no other depreciation adjustment was made in 2015 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 The company's employees have earned $2000 of accrued wages in the fiscal year The rent expense not yet paid or recorded in the fiscal year is $3000 Additional property taxes of $550 have been assessed for the fiscal year, but have not yet been paid or recorded in the accounts 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 Units Sold at Retail Price per unit March 1 Beginning inventory 100 units $50 March 5 Purchase 400 units $55 March 9 Sales 420 $85 March 18 Purchase 120 units $60 March 25 Purchase 200 units $62 March 29 Sales 160 units $95 Totals 820 units 580 units Instructions Show all of your work in an Excel spreadsheet for the following tasks 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 1 Mar 2 Mar 3 Mar 6 Mar 9 Mar 12 Mar 19 Mar 22 Mar 25 Mar 29 Mar 30 Mar 30 Apr Venture Consultants The month of March transaction Account Names Debit Credit $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 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

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Option #1: Venture Consultants, Power and Demolition Company, and Warnerwood Accounting Cases Portfolio Project Option #1is for accounting students who are sensing learners, and learn

Option #1: Venture Consultants, Power and Demolition Company, and Warnerwood Accounting Cases

Portfolio Project Option #1is 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 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:

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	Credit
101	Cash	$7,000
126	Supplies	$16,000
128	Pre-paid insurance	$12,600
167	Equipment	$200,000
168	Accumulated depreciation ? equipment		$14,000
201	Accounts payable		$6,800
251	Long-term notes payable		$30,000
301	Bonn, equity		$86,900
302	Bonn, withdrawals	$12,000
401	Demolition fees earned		$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

	TOTALS	$324,700	$324,700

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.

The supplies available at the end of fiscal 2015 year are at a cost of $7,900.
The cost of expired insurance for the fiscal year is $10,600.
Annual depreciation on equipment is $7,000; no other depreciation adjustment was made in 2015.
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..
The company's employees have earned $2000 of accrued wages in the fiscal year.
The rent expense not yet paid or recorded in the fiscal year is $3000.
Additional property taxes of $550 have been assessed for the fiscal year, but have not yet been paid or recorded in the accounts.
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

Units Sold at Retail

Price per unit

March 1

Beginning inventory

100 units

$50

March 5

Purchase

400 units

$55

March 9

Sales

420

$85

March 18

Purchase

120 units

$60

March 25

Purchase

200 units

$62

March 29

Sales

160 units

$95

Totals

820 units

580 units

Instructions:

Show all of your work in an Excel spreadsheet for the following tasks:

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 1-Mar 2-Mar 3-Mar 6-Mar 9-Mar 12-Mar 19-Mar 22-Mar 25-Mar 29-Mar 30-Mar 30-Apr Venture Consultants The month of March transaction Account Names Debit Credit $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. 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