20. ABC Framing has been hired to frame a light commer- cial building. The project began on July 2 and was com- pleted on August 9. The following is a list of accounting transactions associated with the project. For each trans- action, determine the changes that occur on the balance sheet, income statement, and job cost ledger as a result of that transaction and the year-to-date totals by general ledger account and job cost code. The company uses the chart of accounts in Figure 2-1. The general contractor doesn't withhold retention. All costs are billed to job cost code 1005.06110. The appropriate cost type (M, L, or E) needs to be add- ed to the job cost code. The company rents its equip- ment and the equipment is billed directly to the job cost ledger; therefore, they do not keep an equipment ledger. After you have entered all of the transactions, plot the daily balance of the 110 cash account and profit for the project. a. On July 11 the time cards were entered into the ac- counting system. The following costs were recorded: wages due to employees, $4,299.52; social security, $602.88; Medicare, $142.08; SUTA, $268.16; FUTA, $5.76; workers' compensation, $425.92; general lia- bility, $38.08; and employer-paid health insurance, $288.00.