ABC Builders has been hired to build a home. The following is a list

of some of the las accounting transactions associated with the

project for the year $2023.$ For each transaction, determine the

changes that occur on the registry, ledgers, the balance sheet, and

the income statement.

The company uses the chart of accounts in Figure $2-1$ of the

textbook.

All costs are billed to project code $1005.$The appropriate cost type

$($M$,$ L$,$ or E$)$ needs to be added to the job cost code.

$1.$ On Dec $13$th the labour time cards were entered into the

accounting system. The following costs were recorded: wages

due to employees $$32,445$; employee life insurance $$2,654$;

Medicare $($insurance$)$ $$652$; CPP $$456$; EI $$335$; workers$$

compensation $($insurance$)$ $$625\mathrm{.}92$; general liability

insurance $$645$; and employer$-$paid health insurance $$345.$

$2.$ On Dec $15$th the employees were paid for the time entered into

the accounting system on Dec $13$th$.$

$3.$ On December $31,$ the employee life insurance, Medicare, CPP$,$

EI$,$ workers$$ compensation, general liability, and employer$-$paid

health insurance premiums recorded on Dec $13$th were paid

$4.$ On December $24$ a bill for materials $($cement and sand$)$ in the

amount of $$5,760$ was entered into the accounting system.

$5.$ On December $31$st the project$$s client was billed $$659,000$ for

December$$s work.