Journalize the following transactions:

*Note: Not all entries require a journal entry and company uses % complete accounting

1.Purchase a backhoe having a value of $360,000. Purchase agreement is zero percent interest for 36 months. Total life of machine is expected to be 10 years

2. Record invoice for 1st backhoe payment

3. Pay first backhoe payment

4. Purchase materials on account (net 30days) Totaling $150,000. Split invoice as follows: $50,000 to inventory (future use) and $100,000 to Job 101

5. Receive fuel invoice $2,000 (Net 30 days)

6. Pay labor for office personnel $5,000, project supervision $10,000 and labor of $20,000

7. Charge $3,000 expense to project 101 (equipment) for the internal equipment. Offset to G&A

8. You billl $75,000 mobilization (10% retention) to owner on invoice #1

9. Record invoice for backhoe note ($10,000)

10.Pay materials invoices due to vendors- invoice $150,000 & November fuel invoice $2,000

11. Receive fuel invoice $2,000 (Net 30 days)

12. Receive $67,500 for invoice #1 from owner

13. record annual (2 month) depreciation on backhoe

- Chart of Accounts 2021 # Description 10010 Cash 11000 Accounts Receivable 11020 Retention Receivable 11200 Cost and Earnings in Excess of Billings 11350 Deposits 11500 Inventory 15010 Construction Equipment 15110 Accumulated Depreciation - Construction Equipment 21000 Accounts Payable 21020 Retention Payable 21100 Notes Payable - Current 21500 Billings in excess of cost and Earnings 22100 Notes Payable - Long Term 30010 Capital 30500 Retained Earnings 40010 Revenue - Billings 40050 Revenue - POC Recognition Adj 50010 Job Expense - Labor 50020 Job Expense - Equipment 50030 Job Expense - Misc. Materials 50040 Job Expense - Permanent Materials 50060 Job Expense - Subcontractors 70010 G&A - Office Payroll 71050 G&A - Office Rent 71075 G&A - Office Supplies 75000 G&A - Depreciation 75005 G&A-Equipment Revenue 80010 Tax Expenses