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, 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.
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:
They have a magnificent team. These people are always kind and willing to listen to your concerns or issues. Better yet, your assignment is always ready before the time, they usually send you a draft to double-check before they finalize your paper.
Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.
You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.
Read moreEach paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.
Read moreThanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.
Read moreYour email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.
Read moreBy sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.
Read more