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Three Accounting Cases: Venz Consult, P&undefinedundefinedDC;and DWood




Question;For this assignment, you are required to complete all three accounting cases: Venz Consult, P&DC, and DWood. 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 1:D. Brobro opens a web consulting business called Venz Consult and completes the following transactions in March:March 1: Brobro invested $150,000 cash along with $22,000 of office equipment in the company.March 2: Venz Consult pre-paid $6,000 cash or six months? rent for their office.March 3: Venz Consult made credit purchases for office equipment for $3,000 and office supplies for $1,200. Payment is due within 10 days.March 6: Venz Consult completed services for a client and immediately received $4,000 cash.March 9: Venz Consult completed a $7,500 project for a client who must pay within 30 days.March 12: Venz Consult paid $4,200 cash to settle the account payable created on March 3.March 19: Venz Consult paid a $5,000 cash premium on a 12-month insurance policy.March 22: Venz Consult received $3,500 cash as a partial payment for the work completed on March 9.March 25: Venz Consult completed work for another client for $3,820 on credit.March 29: Brobro withdrew $5,100 cash from the company for personal use.March 30: Venz Consult purchased $600 of additional office supplies on credit.March 31: Venz Consult paid $500 cash for this month?s utility bill.Instructions:Prepare journals for the above economic transactions. Use the file called "Student Template" in the assignment section for Part #1, Link Works Co. Enter your journals to the general ledger using the same file name.Part 2:The following unadjusted trial balance is for P&DC 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 TitleDebitCredit101Cash$7,000126Supplies$16,000128Pre-paid insurance$12,600167Equipment$200,000168Accumulated depreciation ? equipment$14,000201Accounts payable$6,800251Long-term notes payable$30,000301Bonn, equity$86,900302Bonn, withdrawals$12,000401Demolition fees earned$187,000623Wage expense$41,400633Interest expense$3,300640Rent expense$13,200683Property tax expense$9,700684Repairs expense$4,700690Utilities expense$4,800TOTALS$324,700$324,700Instructions: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 DWood Company uses a perpetual inventory system. It entered the following purchases and sales transactions for March into the system:DateActivitiesUnits Acquired at CostCost per UnitUnits Sold at RetailPrice per unitMarch 1Beginning inventory100 units$50March 5Purchase400 units$55March 9Sales420$85March 18Purchase120 units$60March 25Purchase200 units$62March 29Sales160 units$95Totals820 units580 unitsInstructions:Show all of your work in an Excel spreadsheet for the following tasks:1. Compute the number of units available for sale.2. Compute the number of units in ending inventory.3. 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.)4. Compute the gross profit earned by the company for each of the four costing methods. (Round the average cost per unit to 2 decimal places.)


Paper#38866 | Written in 18-Jul-2015

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