Transactions during the period 1 December 2015 to 30 November 2016 are given below for ABC Construction.

Using the transactions presented in Appendix B as a guide:
Journalize all of the above transactions.
Post journal entries to appropriate accounts.
Develop the Income Statement for period 1 December 2015 to 30 November 2016.
Develop the Balance Sheet for ABC Construction as of 30 November 2016.

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(1) Total income (fees) from construction contracts $400,000 (2) Material inventory purchased on account 80,000 (3) Total office rent paid 20,000 (4) Salaries paid to engineers 90,000 (5) Accounts receivable collected (6) Account payable paid (7) Subcontractor accounts paid (8) Bidding expenses (9) Building depreciation 60,000 30,000 70,000 20,000 40,000 (10) Construction equipment depreciation 30,000