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.

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, 2015 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.

Use Assignment Template attached below-

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. Depreciation			$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 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
	Supply expense
	Insurance expense
	Depreciation expense
	TOTALS		$324,700	$324,700
BE SURE TO CREATE A FINANCIAL STATEMENT FROM THE ABOVE ATB