Question
8. Time cards are being entered into the accounting sys-tem for four employees. The costs for Employee 1 are to be billed to job cost
8. Time cards are being entered into the accounting sys-tem for four employees. The costs for Employee 1 are to be billed to job cost code 302.01.01100L. Ten hours of Employee 2 time is to be billed to job cost code 302.01.06110L and the remaining 30 hours are to be billed to job cost code 302.01.06210L. Employee 3 took vacation this entire week and Employee 4 works in the main office. The employee costs and deductions with-held from the employees check are shown in Table 3-1. Using the chart of accounts in Figure 2-1, determine the changes to the balance sheet, income statement, job cost ledger, and equipment ledger as the result of entering the employees time into the accounting system.
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