Question
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....
Explanation / Answer
Denzel Brooks JV entry Date Account title Dr $ Cr $ March 1. Cash 150,000 Office Equipment 22,000 Owner's Stock 172,000 March 2. Pre Paid Rent 6,000 Cash 6,000 March 3. Office Equipment 3,000 Office Supplies 1,200 Accounts Payable 4,200 Mar 6. Cash 4,000 Service Revenue 4,000 Mar 9. Service Revenue 7,500 Accounts Receivable 7,500 Mar 12. Cash 4,200 Accounts Payable 4,200 Mar 19. Pre Paid Insurance 5,000 Cash 5,000 Mar 22. Accounts Receivable 3,500 Cash 3,500 Mar 25. Service Revenue 3,820 Accounts Receivable 3,820 March 29. Drawings 5,100 Cash 5,100 Mar 30. Office Supplies 600 Accounts Payable 600 Mar 31. Utilities Expense 500 Cash 500 GL entires Account Cash Date Details Dr $ Date Details Cr $ March 1. To Equity 150,000 March 2. By Prepaid rent 6,000 Mar 6. To Service rev 4,000 Mar 12. By A/P 4,200 Mar 22. To A/R 3,500 Mar 19. By prepaid Insurance 5,000 Mar 29. By Cash 5,100 Mar 31. By Utilities 500 Account Office Equipment Date Details Dr $ Date Details Cr $ March 1. To Equity 22,000 March 3. To A/P 3,000 Account Owner's Stock Date Details Dr $ Date Details Cr $ March 1. By Office Equipment 22,000 By Cash 150,000 Account Pre Paid Rent Date Details Dr $ Date Details Cr $ March 2. To Cash 6,000 Account Service Revenue Date Details Dr $ Date Details Cr $ Mar 6. By cash 4,000 Mar 9. By A/R 7,500 Mar 25. By A/R 3,820 Account Accounts Payable Date Details Dr $ Date Details Cr $ Mar 12. By Cash 4,200 March 3. By Office equipment 3,000 By OfficeSupplies 1,200 Mar 30. By OfficeSupplies 600 Account Drawings Date Details Dr $ Date Details Cr $ Mar 29. To Cash 5,100 Account Office Supplies Date Details Dr $ Date Details Cr $ March 3. To A/P 1,200 Mar 30. To A/P 600 Account Accounts Receivable Date Details Dr $ Date Details Cr $ Mar 9. To sales 7,500 Mar 22. By cash 3,500 Mar 25. By Sales 3,820 Account Pre Paid Insurance Date Details Dr $ Date Details Cr $ March 19. To Cash 5,000 Account Utilities Expense Date Details Dr $ Date Details Cr $ Mar 31. To Cash 500