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accounts assignment




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 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.;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;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;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#38890 | Written in 18-Jul-2015

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