Prepare journals for the above economic transactions.

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.


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.

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