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5. The following transactions are being entered into the accounting system. Using the Chart of Accounts (attached), determine the changes to the balance sheet, income

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5. The following transactions are being entered into the accounting system. Using the Chart of Accounts (attached), determine the changes to the balance sheet, income statement, job cost ledger, and equipment ledger as the result of entering each of the following transactions: (30 points) a. A $5,500 invoice for concrete charged to job cost code 102.01.32300M; b. A $25,000 invoice from a subcontractor for HVAC charged to job cost code 201.01.23100S. 15% retention is withheld from the invoice; c. A $3,500 bill for Office 1 rent d. A $4,000 of depreciation for Office 2 A 130,500 bill to a client for Job 225, and the client holds 10% retention f. The first loan payment of $2,435 for an equipment, which includes $1655.8 in principal and $7792 in interest; g. A $6,500 of depreciation for a dump truck h. A piece of equipment was sold for $85,000 in cash. It was purchased for $130,000 and $80,000 of depreciation has been taken. There are no outstanding loans for this equipment. e. BALANCE SHEET ASSETS LIABILITIES INCOME STATEMENT EXPENSES REVENUES JOB COST EXPENSES REVENUES EQUIPMENT EXPENSES EQUITY PROFIT Chart of Accounts 110 Cash 730 Repairs and Maintenance 120 Accounts Receivable-Trade 740 Pue and Lubrication 121 Accounts Receivable Retention 750 Taxes, Licenses, and Insurance 130 Inventory 798 Equipment Costs Charged to Employees 140 costs and Profits in Excess of Billings 799 Equipment Costs Charged to Jobs 150 Notes Receivable 155 Due From Construction Loans 805 Advertising 160 Prepaid Expenses 806 Promotion 199 Other Current Assets 810 Car and Truck Expenses 811 Computer and Office Furniture 210 Building and Land 812 Repairs and Maintenance 220 Construction Equipment 819 Depreciation 230 Trucks and Autos $20 Employee Wages and Salaries 240 Office Equipment 821 Employee Benefits 250 Less Ace. Depreciation 822 Employee Retirement 260 Capital Leases 823 Employee Recruiting 299 Other Assets 824 Employee Training 825 Employee Taxes 310 Accounts Payable-Trade 830 Insurance 911 Accounts Payable-Retention 335 Taxes and Licenses 320 Billings in Excess of Costs and Profits 840 Office Supplies 330 Notes Payable 841 Office Purchase 340 Accrued Payroll 842 Office Rent 341 Accred Payables 843 Office Udlides 342 Accrued Taxes 844 Postage and Delivery 343 Accued Insurance 845 Janitorial and Cleaning 344 Accrued Vacation $46 Telephone 350 Capital Leases Payable 850 Charitable Contributions 360 Warranty Reserves 855 Dues and Memberships 379 Other Current Llabilities 860 Publications and Subscriptions 380 Long-Term Liabilities 865 Legal and Professional Services 870 Meals and Entertainment 410 Capital Stock 875 Travel 420 Retained Earnings 880 Bank Fees 430 Current Period Net Income $$1 Interest Expense 885 Bad Debts 500 Revenue 891 Unallocated Labor 892 Unallocated Materials 610 Materials 893 Warranty Expense 620 Labor 898 iscellaneous 630 Subcontract $99 Overhead Charged to Jobs 640 Equipment 630 Other 910 Other Income 920 Other Expense 710 Rent and Lease Payments 950 Income Tax 720 Depreciation

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