Description 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 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, 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 Brooks, equity $86,900 302 Brooks, 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
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