Charts SmartArt Review Paragraph Styles List Paragraph No Spacing Table ParagraH 2 5l Cnapter 1. ABC Framing has been hired to frame a light commercial building. The project began on July 2 and was completed on August 9. The following is a list of accounting transactions associated with the project. For each transaction, 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 ad job cost code. The company uses the chart of accounts in Figure 2-1(see attached). The general contractor does not hold retention (retainage). All costs are billed to job cost code 1005.06110. The appropriate cost type (M, L or E) needs to be added to the job cost code. The company rents its equipment 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 cash account and profit for the projeet. a. On July 11 the time cards were entered into the accounting system. The following costs were recorded: wages workers' compensation, $425.92; general liability, $38.08; and employer-paid health insurance, $288.80. due to employers, $4,299.52; social security, $602.88; Medicare, $142.08; SUTA, $268.16; FUTA, $5.7 On July 13 the employees were paid for the time entered into the accounting system on July 11 On July 18 the time cards were entered into the accounting system. The following costs were recorded: wages b. c. due to employees, $5,374.40; social security, $753.60; Medicare,$177.60; SUTA, $335.20, FUTA, $7.20 kers' compensation, $532.40, general liability, $47.60; and employer-paid health insurance, $360.00 d. On July 20 the employees were paid for the time entered into the accounting system on July 18. e. On July 25 the time cards were entered into the accounting system. The following costs were recorded: wages due to employees, $5,374.40; social security, $753.60; Medicare, $177.60; SUTA, S335.20; FUTA, $7.20 worker's compensation, $532.40; general liability, $47.60, and employer-paid health insurance, $360.00 f. g. On July 27 the employees were paid for the time entered into the accounting system on July 25 On July 31, the social security, Medicare, SUTA, FUTA, workers' compensation, general liability, and employer- paid health insurance premiums recorded during July were paid h. On August 1 the time cards were entered into the accounting system. The following costs were recorded: wages due to employees, $5,374.40; social security, $753.60; Medicare, $177.60 SUTA, $335.20; FUTA, $7.20 worker's compensation, $532.40; general liability, $47.60; and employer-paid health insurance, $360.00. i. On August 2 a bill for materials (e-g nails, hardware and small tools) in the amount of $3,846 was entered into the accounting system. A bill for the forklift rental in the amount of $8720 was also entered j. On August 3 the employees were paid for the time entered into the accounting system on August 1. k. On August 5 the general contractor was billed $$5, 000 for July's work. L On August 8 the time cards were entered into the accounting system. The following costs were recorded: wages due to employees, $5,374.40; social security, $753.60; Medicare, $177.60; SUTA, $335.20; FUTA, $7.20, worker's compensation, $532.40; general liability, $47.60; and employer-paid health insurance, $360.00 On August 10 the employees were paid for the time entered into the accounting system on August n. On August 8 the time cards were entered into the accounting system. The following costs were recorded: wages due to employees, $5,374.40; social security, $753.60; Medicare, $177.60, SUTA, $335.20; FUTA, $7.20 worker's compensation, $532.40, general liability, 547.60; and employer-paid health insurance, $360.00. On August 17 a bill for the forklift rental in the amount of $2,240 was entered into the accounting system. On August 31, the social security, Medicare, SUTA, FUTA, workers' compensation, general liability, and u On September 3 the materials (e.g. nails, hardware, and small tools)u in the amount of $1,705 was entered onto On Aupast 15 the materials and equipment bills were entered into the accounting system on August 2 were paid. o. On August 17 the employees were paid for the tine entered into the accounting system on August 13. p. r. On August 25 payment was received from the general contractor for July's work s. employer-paid health insurance premiums rocorded during August were paid. t. On Augast 31 the forklift rental bill recorded on August 17 was paid the accounting system. On September 5 the general contractor was billed for $20,800 for Julys work. v. Charts SmartArt Review Paragraph Styles List Paragraph No Spacing Table ParagraH 2 5l Cnapter 1. ABC Framing has been hired to frame a light commercial building. The project began on July 2 and was completed on August 9. The following is a list of accounting transactions associated with the project. For each transaction, 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 ad job cost code. The company uses the chart of accounts in Figure 2-1(see attached). The general contractor does not hold retention (retainage). All costs are billed to job cost code 1005.06110. The appropriate cost type (M, L or E) needs to be added to the job cost code. The company rents its equipment 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 cash account and profit for the projeet. a. On July 11 the time cards were entered into the accounting system. The following costs were recorded: wages workers' compensation, $425.92; general liability, $38.08; and employer-paid health insurance, $288.80. due to employers, $4,299.52; social security, $602.88; Medicare, $142.08; SUTA, $268.16; FUTA, $5.7 On July 13 the employees were paid for the time entered into the accounting system on July 11 On July 18 the time cards were entered into the accounting system. The following costs were recorded: wages b. c. due to employees, $5,374.40; social security, $753.60; Medicare,$177.60; SUTA, $335.20, FUTA, $7.20 kers' compensation, $532.40, general liability, $47.60; and employer-paid health insurance, $360.00 d. On July 20 the employees were paid for the time entered into the accounting system on July 18. e. On July 25 the time cards were entered into the accounting system. The following costs were recorded: wages due to employees, $5,374.40; social security, $753.60; Medicare, $177.60; SUTA, S335.20; FUTA, $7.20 worker's compensation, $532.40; general liability, $47.60, and employer-paid health insurance, $360.00 f. g. On July 27 the employees were paid for the time entered into the accounting system on July 25 On July 31, the social security, Medicare, SUTA, FUTA, workers' compensation, general liability, and employer- paid health insurance premiums recorded during July were paid h. On August 1 the time cards were entered into the accounting system. The following costs were recorded: wages due to employees, $5,374.40; social security, $753.60; Medicare, $177.60 SUTA, $335.20; FUTA, $7.20 worker's compensation, $532.40; general liability, $47.60; and employer-paid health insurance, $360.00. i. On August 2 a bill for materials (e-g nails, hardware and small tools) in the amount of $3,846 was entered into the accounting system. A bill for the forklift rental in the amount of $8720 was also entered j. On August 3 the employees were paid for the time entered into the accounting system on August 1. k. On August 5 the general contractor was billed $$5, 000 for July's work. L On August 8 the time cards were entered into the accounting system. The following costs were recorded: wages due to employees, $5,374.40; social security, $753.60; Medicare, $177.60; SUTA, $335.20; FUTA, $7.20, worker's compensation, $532.40; general liability, $47.60; and employer-paid health insurance, $360.00 On August 10 the employees were paid for the time entered into the accounting system on August n. On August 8 the time cards were entered into the accounting system. The following costs were recorded: wages due to employees, $5,374.40; social security, $753.60; Medicare, $177.60, SUTA, $335.20; FUTA, $7.20 worker's compensation, $532.40, general liability, 547.60; and employer-paid health insurance, $360.00. On August 17 a bill for the forklift rental in the amount of $2,240 was entered into the accounting system. On August 31, the social security, Medicare, SUTA, FUTA, workers' compensation, general liability, and u On September 3 the materials (e.g. nails, hardware, and small tools)u in the amount of $1,705 was entered onto On Aupast 15 the materials and equipment bills were entered into the accounting system on August 2 were paid. o. On August 17 the employees were paid for the tine entered into the accounting system on August 13. p. r. On August 25 payment was received from the general contractor for July's work s. employer-paid health insurance premiums rocorded during August were paid. t. On Augast 31 the forklift rental bill recorded on August 17 was paid the accounting system. On September 5 the general contractor was billed for $20,800 for Julys work. v