Option #1: Venture Consultants, Power and Demolition Company, and Warnerwood Accounting Cases
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 present Parts 1, 2, and 3 of the Portfolio Project in Excel as journal entries, following the exact instructions that accompany each part.
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.
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.