Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Fill all these in excel file i need to submit excel file ABC Builders has been hired to build a home. The following is a

Fill all these in excel file i need to submit excel file
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 13th 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) $625.92; general liability
insurance $645; and employer-paid health insurance $345.
2. On Dec 15th the employees were paid for the time entered into
the accounting system on Dec 13th.
3. On December 31, the employee life insurance, Medicare, CPP,
EI, workers compensation, general liability, and employer-paid
health insurance premiums recorded on Dec 13th 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 31st the projects client was billed $659,000 for
Decembers work.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting A Critical Approach

Authors: John Friedlan

3rd Edition

0070967601, 978-0070967601

More Books

Students also viewed these Accounting questions