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I want the answer of journal entries for each transaction and the total figures CHART OF ACCOUNTS 110 Cash 120 Accounts Receivable-Trade 121 Accounts Receivable-Retention
I want the answer of journal entries for each transaction and the total figures
CHART OF ACCOUNTS 110 Cash 120 Accounts Receivable-Trade 121 Accounts Receivable-Retention 130 Inventory 140 Costs and Profits in Excess of Billings 150 Notes Receivable 155 Due From Construction Loans 160 Prepaid Expenses 199 Other Current Assets 730 Repairs and Maintenance 740 Fuel and Lubrication 750 Taxes, Licenses, and Insurance 798 Equipment Costs Charged to Employees 799 Equipment Costs Charged to Jobs 210 Building and Land 220 Construction Equipment 230 Trucks and Autos 240 Office Equipment 250 Less Acc. Depreciation 260 Capital Leases 299 Other Assets 310 Accounts Payable-Trade 311 Accounts Payable-Retention 320 Billings in Excess of Costs and Profits 330 Notes Payable 340 Accrued Payroll 341 Accrued Payables 342 Accrued Taxes 343 Accrued Insurance 344 Accrued Vacation 350 Capital Leases Payable 360 Warranty Reserves 379 Other Current Liabilities 380 Long-Term Liabilities 805 Advertising 806 Promotion 810 Car and Truck Expenses 811 Computer and Office Furniture 812 Repairs and Maintenance 819 Depreciation 820 Employee Wages and Salaries 821 Employee Benefits 822 Employee Retirement 823 Employee Recruiting 824 Employee Training 825 Employee Taxes 827 Entertainment 830 Insurance 835 Taxes and Licenses 840 Office Supplies 841 Office Purchase 842 Office Rent 843 Office Utilities 844 Postage and Delivery 845 Janitorial and Cleaning 846 Telephone 850 Charitable Contributions 855 Dues and Memberships 860 Publications and Subscriptions 865 Legal and Professional Services 870 Meals 875 Travel 880 Bank Fees 881 Interest Expense 885 Bad Debts 891 Unallocated Labor 892 Unallocated Materials 893 Warranty Expense 898 Miscellaneous 899 Overhead Charged to Jobs 410 Capital Stock 420 Retained Earnings 430 Current Period Net Income 500 Revenue 610 Materials 620 Labor 630 Subcontract 640 Equipment 650 Other 710 Rent and Lease Payments 720 Depreciation 910 Other Income 920 Other Expense 950 Income Tax 20. ABC Framing has been hired to frame a light commer- cial building. The project began on July 2 and was com- pleted on August 9. The following is a list of accounting transactions associated with the project. For each trans- action, 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 and job cost code. The company uses the chart of accounts in Figure 2-1. The general contractor doesn't withhold retention. All costs are billed to job cost code 1005.06110. The appropriate cost type (M, L, or E) needs to be add- ed to the job cost code. The company rents its equip- ment 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 110 cash account and profit for the project. a. On July 11 the time cards were entered into the ac- counting system. The following costs were recorded: wages due to employees, $4,299.52; social security, $602.88; Medicare, $142.08; SUTA, $268.16; FUTA, $5.76; workers' compensation, $425.92; general lia- bility, $38.08; and employer-paid health insurance, $288.00. b. On July 13 the employees were paid for the time entered into the accounting system on July 11. c. On July 18 the time cards were entered into the ac- counting 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; workers' 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 ac- counting 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; workers' compensation, $532.40; general liability, $47.60; and employer-paid health insurance, $360.00. f. On July 27 the employees were paid for the time entered into the accounting system on July 25. g. 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 record- ed: wages due to employees, $5,374.40; social secu- rity, $753.60; Medicare, $177.60; SUTA, $335.20; FUTA, $7.20; workers' 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, hard- ware, 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 $6,720 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 $45,000 for July's work. 1. On August 8 the time cards were entered into the accounting system. The following costs were record- ed: wages due to employees, $5,374.40; social secu- rity, $753.60; Medicare, $177.60; SUTA, $335.20; FUTA, $7.20; workers' compensation, $532.40; general liability, $47.60; and employer-paid health insurance, $360.00. m. On August 10 the employees were paid for the time entered into the accounting system on August 8. n. On August 15 the time cards were entered into the accounting system. The following costs were record- ed: wages due to employees, $5,374.40; social secu- rity, $753.60; Medicare, $177.60; SUTA, $335.20; FUTA, $7.20; workers' compensation, $532.40; general liability, $47.60; and employer-paid health insurance, $360.00. 0. On August 15 the materials and equipment bills entered into the accounting system on August 2 were paid. p. On August 17 the employees were paid for the time entered into the accounting system on August 15. q. On August 17 a bill for the forklift rental in the amount of $2,240 was entered into the accounting system. r. On August 25 payment was received from the gener- al contractor for July's work. S. On August 31, the social security, Medicare, SUTA, FUTA, workers' compensation, general liability, and employer-paid health insurance premiums recorded during August were paid. t. On August 31 the forklift rental bill recorded on Au- gust 17 was paid. u. On September 3 the bill for materials (e.g., nails, hardware, and small tools) in the amount of $1,705 was entered into the accounting system. V. On September 5 the general contractor was billed for $20,800 for July's work. w. On September 15 the materials bill recorded on September 3 was paid. X. On September 25 payment is received from the general contractor for August's work. CHART OF ACCOUNTS 110 Cash 120 Accounts Receivable-Trade 121 Accounts Receivable-Retention 130 Inventory 140 Costs and Profits in Excess of Billings 150 Notes Receivable 155 Due From Construction Loans 160 Prepaid Expenses 199 Other Current Assets 730 Repairs and Maintenance 740 Fuel and Lubrication 750 Taxes, Licenses, and Insurance 798 Equipment Costs Charged to Employees 799 Equipment Costs Charged to Jobs 210 Building and Land 220 Construction Equipment 230 Trucks and Autos 240 Office Equipment 250 Less Acc. Depreciation 260 Capital Leases 299 Other Assets 310 Accounts Payable-Trade 311 Accounts Payable-Retention 320 Billings in Excess of Costs and Profits 330 Notes Payable 340 Accrued Payroll 341 Accrued Payables 342 Accrued Taxes 343 Accrued Insurance 344 Accrued Vacation 350 Capital Leases Payable 360 Warranty Reserves 379 Other Current Liabilities 380 Long-Term Liabilities 805 Advertising 806 Promotion 810 Car and Truck Expenses 811 Computer and Office Furniture 812 Repairs and Maintenance 819 Depreciation 820 Employee Wages and Salaries 821 Employee Benefits 822 Employee Retirement 823 Employee Recruiting 824 Employee Training 825 Employee Taxes 827 Entertainment 830 Insurance 835 Taxes and Licenses 840 Office Supplies 841 Office Purchase 842 Office Rent 843 Office Utilities 844 Postage and Delivery 845 Janitorial and Cleaning 846 Telephone 850 Charitable Contributions 855 Dues and Memberships 860 Publications and Subscriptions 865 Legal and Professional Services 870 Meals 875 Travel 880 Bank Fees 881 Interest Expense 885 Bad Debts 891 Unallocated Labor 892 Unallocated Materials 893 Warranty Expense 898 Miscellaneous 899 Overhead Charged to Jobs 410 Capital Stock 420 Retained Earnings 430 Current Period Net Income 500 Revenue 610 Materials 620 Labor 630 Subcontract 640 Equipment 650 Other 710 Rent and Lease Payments 720 Depreciation 910 Other Income 920 Other Expense 950 Income Tax 20. ABC Framing has been hired to frame a light commer- cial building. The project began on July 2 and was com- pleted on August 9. The following is a list of accounting transactions associated with the project. For each trans- action, 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 and job cost code. The company uses the chart of accounts in Figure 2-1. The general contractor doesn't withhold retention. All costs are billed to job cost code 1005.06110. The appropriate cost type (M, L, or E) needs to be add- ed to the job cost code. The company rents its equip- ment 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 110 cash account and profit for the project. a. On July 11 the time cards were entered into the ac- counting system. The following costs were recorded: wages due to employees, $4,299.52; social security, $602.88; Medicare, $142.08; SUTA, $268.16; FUTA, $5.76; workers' compensation, $425.92; general lia- bility, $38.08; and employer-paid health insurance, $288.00. b. On July 13 the employees were paid for the time entered into the accounting system on July 11. c. On July 18 the time cards were entered into the ac- counting 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; workers' 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 ac- counting 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; workers' compensation, $532.40; general liability, $47.60; and employer-paid health insurance, $360.00. f. On July 27 the employees were paid for the time entered into the accounting system on July 25. g. 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 record- ed: wages due to employees, $5,374.40; social secu- rity, $753.60; Medicare, $177.60; SUTA, $335.20; FUTA, $7.20; workers' 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, hard- ware, 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 $6,720 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 $45,000 for July's work. 1. On August 8 the time cards were entered into the accounting system. The following costs were record- ed: wages due to employees, $5,374.40; social secu- rity, $753.60; Medicare, $177.60; SUTA, $335.20; FUTA, $7.20; workers' compensation, $532.40; general liability, $47.60; and employer-paid health insurance, $360.00. m. On August 10 the employees were paid for the time entered into the accounting system on August 8. n. On August 15 the time cards were entered into the accounting system. The following costs were record- ed: wages due to employees, $5,374.40; social secu- rity, $753.60; Medicare, $177.60; SUTA, $335.20; FUTA, $7.20; workers' compensation, $532.40; general liability, $47.60; and employer-paid health insurance, $360.00. 0. On August 15 the materials and equipment bills entered into the accounting system on August 2 were paid. p. On August 17 the employees were paid for the time entered into the accounting system on August 15. q. On August 17 a bill for the forklift rental in the amount of $2,240 was entered into the accounting system. r. On August 25 payment was received from the gener- al contractor for July's work. S. On August 31, the social security, Medicare, SUTA, FUTA, workers' compensation, general liability, and employer-paid health insurance premiums recorded during August were paid. t. On August 31 the forklift rental bill recorded on Au- gust 17 was paid. u. On September 3 the bill for materials (e.g., nails, hardware, and small tools) in the amount of $1,705 was entered into the accounting system. V. On September 5 the general contractor was billed for $20,800 for July's work. w. On September 15 the materials bill recorded on September 3 was paid. X. 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