ACT300 Module 8 Venture Consultants Power And Demolition Company And Warnerwood Accounting Cases

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ACT300 Module 8 Venture Consultants, Power and Demolition Company, and Warnerwood Accounting Cases

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Product Description 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
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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 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.
1. 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:
2015. Journalize the following adjusting entries as of fiscal year-end April 30, 2015.
2016. Post the adjusting entries to an unadjusted trial balance and prepare the adjusted trial balance.
2017. 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

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