Loading...

Messages

Proposals

Stuck in your homework and missing deadline? Get urgent help in $10/Page with 24 hours deadline

Get Urgent Writing Help In Your Essays, Assignments, Homeworks, Dissertation, Thesis Or Coursework & Achieve A+ Grades.

Privacy Guaranteed - 100% Plagiarism Free Writing - Free Turnitin Report - Professional And Experienced Writers - 24/7 Online Support

Denzel Brooks Opens A Web Consulting Business Called Venture Consultants And Completes The Following Transactions In March:

08/10/2021 Client: muhammad11 Deadline: 2 Day

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, 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.

The supplies available at the end of fiscal 2015 year are at a cost of $7,900.
The cost of expired insurance for the fiscal year is $10,600.
Annual depreciation on equipment is $7,000; no other depreciation adjustment was made in 2015.
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..
The company's employees have earned $2000 of accrued wages in the fiscal year.
The rent expense not yet paid or recorded in the fiscal year is $3000.
Additional property taxes of $550 have been assessed for the fiscal year, but have not yet been paid or recorded in the accounts.
The $300 accrued interest for April has not yet been paid and reported.
Part 3:

The Warnerwood 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:

Compute the number of units available for sale.
Compute the number of units in ending inventory.
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.)
Compute the gross profit earned by the company for each of the three costing methods. (Round the average cost per unit to 2 decimal places.)

Homework is Completed By:

Writer Writer Name Amount Client Comments & Rating
Instant Homework Helper

ONLINE

Instant Homework Helper

$36

She helped me in last minute in a very reasonable price. She is a lifesaver, I got A+ grade in my homework, I will surely hire her again for my next assignments, Thumbs Up!

Order & Get This Solution Within 3 Hours in $25/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 3 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

Order & Get This Solution Within 6 Hours in $20/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 6 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

Order & Get This Solution Within 12 Hours in $15/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 12 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

6 writers have sent their proposals to do this homework:

Solutions Store
Quick Mentor
Financial Assignments
Assignment Hut
Top Writing Guru
Essay & Assignment Help
Writer Writer Name Offer Chat
Solutions Store

ONLINE

Solutions Store

I am known as Unrivaled Quality, Written to Standard, providing Plagiarism-free woork, and Always on Time

$31 Chat With Writer
Quick Mentor

ONLINE

Quick Mentor

I have read and understood all your initial requirements, and I am very professional in this task.

$32 Chat With Writer
Financial Assignments

ONLINE

Financial Assignments

I am known as Unrivaled Quality, Written to Standard, providing Plagiarism-free woork, and Always on Time

$27 Chat With Writer
Assignment Hut

ONLINE

Assignment Hut

I have read and understood all your initial requirements, and I am very professional in this task.

$48 Chat With Writer
Top Writing Guru

ONLINE

Top Writing Guru

I have read and understood all your initial requirements, and I am very professional in this task.

$27 Chat With Writer
Essay & Assignment Help

ONLINE

Essay & Assignment Help

I have read your project details. I can do this within your deadline.

$25 Chat With Writer

Let our expert academic writers to help you in achieving a+ grades in your homework, assignment, quiz or exam.

Similar Homework Questions

Accounting identifying recording communicating - I got 1 2 3 4 5 6 - Brown eyed blue eyes experiment - Chapter 4 ethical issues - Nc date on food - History exam - Interrater and intrarater reliability - Acids and alkalis ks3 - Commonwealth coat of arms australia - Nsw fire and rescue incidents - Money with a mission abel damina pdf - Need help on week one Quality Control work, - Aussie pooch mobile case study answers - Www melec com au - Sharad chaudhary bank of america - Wiki wireshark sample captures - The redistricting game worksheet answers - Advantages and disadvantages of a whiteboard - Lower southampton patch police blotter - The author to her book anne bradstreet - Sap crm configuration guide - Case Study 3 - Unsw report cover page - When did the freedom riders start in australia - A scandal in bohemia comprehension questions - Different types of levers - Peer Workshop - Margin call fire sale scene - Ct5 actuarial study material pdf - Terrorist Organizations - One family kfc chords - Comparisons - Measurement Scale - Sample special power of attorney for authorized representative philippines - Melbourne water storage levels now - A story exterior narrative is the - What is phase transfer catalyst - Dnv rules for planning and execution of marine operations 2000 - Dorothea orem's theory in practice - What does deductively valid mean - 250 km in miles per hour - General Biology - Activity analysis occupational therapy - Repeated measures general linear model - Safety root cause analysis template - Journal Entry - Heart of darkness themes and symbols - Acap diploma of counselling - Looking at movies 4th edition chapter 1 - Cmi level 3 assignment examples - Http www tpg com au account - Club med annual report 2013 - Bed bug registry kalahari pa - Pill bugs environment preferences - Acne keloidalis nuchae icd 10 code - Ticket reservation system project - DISCUSSION4 10222020 - Critical thinking using Critical lenses essay Due Monday - 2 truths and a lie lies - 10 page Research Paper - Liq fusion 7000 fbe - Dpd formularz reklamacyjny pdf - All about me four corners game - Sppa teachers opt out form - Bath and body works supply chain - How to apply total cell style in excel - Discussion questions for everyday use by alice walker - Need help composing a short answer question - Cb radio number codes - PM WK 5. - How to run pearson correlation in spss - Risk management strategy example - Centre parcs share price - 2 5 journal importance of analysis - Physics motion summary sheet - Name - Medical terminology lesson 2 - Builder products inc manufactures a caulking compound - Terry venables martin bashir - How to pronounce pneumonoultramicroscopicsilicovolcanoconiosis backwards - Ion tape 2 pc software download - Warwick university computer science msc - Exploring computer science syllabus - Klaus voormann bass gear - Social media marketing principles and strategies stephen bart pdf - Dan ariely our buggy moral code - Xia corporation is a company - Gopro case study marketing - Choose my plate empty calories - Program to find product of first n natural numbers - How are standard costs developed - Problem solution speech outline sample - Animal farm chapter 6 - What is the importance of interpersonal skills in the workplace - Pandemic Voting - Sex linked traits biology worksheet - Discussion - Describe perplexity and wonderment as ways to god - Professional Experience #5 - Cultural Diversity