Answered step by step
Verified Expert Solution
Question
1 Approved Answer
can you express the following text in a register transaccin: Employee 1: Hours worked: Let's say Employee 1 worked 40 hours. Job Cost Code: 302.01.01100L
can you express the following text in a register transaccin: Employee 1: Hours worked: Let's say Employee 1 worked 40 hours. Job Cost Code: 302.01.01100L Impact: Income Statement: Labor Expense (302.01.01100L): Debit increase by the cost of Employee 1's hours worked. Job Cost Ledger: Job Code: 302.01.01100L: Debit increase by the cost of Employee 1's hours worked. Equipment Ledger: No impact if the employee doesn't work on equipment. Employee 2: Hours worked: Let's say Employee 2 worked 40 hours. Job Cost Code: 302.010610L for the first 10 hours 302.01.06210L for the remaining 30 hours Impact: Income Statement: Labor Expense (302.010610L): Debit increase by the cost of the first 10 hours. Labor Expense (302.01.06210L): Debit increase by the cost of the remaining 30 hours. Job Cost Ledger: Job Code 302.010610L: Debit increase by the cost of the first 10 hours. Job Code 302.01.06210L: Debit increase by the cost of the remaining 30 hours. Equipment Ledger: No impact if the employee doesn't work on equipment. Employee 3: Took vacation, so no hours worked. Impact: Income Statement: No impact as there's no labor expense. Job Cost Ledger: No impact as this employee has no cost for this period. Equipment Ledger: No impact if the employee doesn't work on equipment. Employee 4: Works in the main office, so their time is likely recorded as an administrative expense rather than a job cost. Impact: Income Statement: Administrative Expense: Debit incr
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started