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 months 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	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:	Venture Consultants		The month of March transactions
Date	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
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
PART 3	Warnerwood Company
Column->	A	B	C	D	E	F	G
Date	Activities	# Units Buy	Cost/unit	#Units Sold	Price/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)=					Units (BI + TI) =
Q2. BI + TI - TO = EI=		820	minus	580	equals		240
Q3. FIFO
Q3. LIFO
Q3. Weighted Average
Weighted cost/unit=
Cost EI=
Q.4	Sales		COGS/Method		Gross Profit
Q4. FIFO
Q4. LIFO
Q4. WtAvg