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Presentation/PPT
27/08/2022
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: Arizona Consultants Inc., 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:
Arizona Consultants, Inc. opened in March and completed the following transactions:
March 1: Arizona Consultants Inc. issued 17,200 shares of $10 par value capital stock for $150,000 cash and equipment with fair market value of $22,000.
March 2: Arizona Consultants Inc. pre-paid $6,000 cash or six months’ rent for their office.
March 3: Arizona Consultants Inc. made credit purchases for office equipment for $3,000 and office supplies for $1,200. Payment is due within 10 days.
March 6: Arizona Consultants Inc. completed services for a client and immediately received $4,000 cash.
March 9: Arizona Consultants Inc. completed a $7,500 project for a client who must pay within 30 days.
March 12: Arizona Consultants Inc. paid $4,200 cash to settle the account payable created on March 3.
March 19: Arizona Consultants Inc. paid a $5,000 cash premium on a 12-month insurance policy.
March 22: Arizona Consultants Inc. received $3,500 cash as a partial payment for the work completed on March 9.
March 25: Arizona Consultants Inc. completed work for another client for $3,820 on credit.
March 29: Arizona Consultants Inc. declared dividends of $5,000 to its shareholders on record. Dividends were paid in cash the following day.
March 30: Arizona Consultants Inc. purchased $600 of additional office supplies on credit.
March 31: Arizona Consultants Inc. paid $500 cash for this month’s utility bill.
Instructions:
Using the following template, prepare journal entries for the above economic transactions. Enter your journals to the general ledger using the same file name. The following accounts should be used in recording your transactions: cash, accounts receivable, prepaid rent, office equipment, capital stock, prepaid insurance, office supplies, accounts payable, consulting revenue, dividends, and utility expense.
Journal Entries Template for Arizona Consultants Inc.
*Note: To edit the template, you have two options:
Edit in Google docs
1) Click “File” > “Make a Copy”
Download as an Excel file
1) Click “File” > “Download as” > Microsoft Excel (.xlsx)
Part 2:
The following unadjusted trial balance is for Montana Construction Company as of year-end for the December 31, 20×7 fiscal year. The December 31, 20×6 credit balance of the stockholders’ equity account is $46,900, and the stockholders invested $40,000 cash in the company during 20×7.
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 Stockholders’ equity $86,900
302 Dividends $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 December 31, 20×7.
b) Using the worksheet, post the adjusting entries using the adjustments column and prepare the adjusted trial balance.
c) Create financial statements. Namely, i) the income statement, ii) statement of stockholders’ equity, and iii) the balance sheet for 20×7.
Adjustments needed:
Use the following template
Montana Construction Company template
*Note: To edit the template, you have two options:
Edit in Google docs
1) Click “File” > “Make a Copy”
Download as an Excel file
1) Click “File” > “Download as” > Microsoft Excel (.xlsx)
Part 3:
Assume you are the chief accountant making a presentation during the stockholders annual meeting for your corporation. Provide a brief explanation to stockholders on each of the following questions:
Shares
Dividends
Retained Earnings
Reminder: Your Part 3 paper should be 2-3 pages in length total and conform to CSU-Global Guide to Writing and APA Requirements. Include scholarly references as needed in addition to the course textbook to support your views. The CSU-Global Library is a good place to find these references.
The writer is very fast, professional and responded to the review request fast also. Thank you.
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