Question

This is a group assignment. The following invoices are being entered into the accounting system. Using the chart of accounts in Figure 2-1, determine the changes in the to the balance sheet, income 1. statement, job cost ledger, and equipment ledger as the result of entering the each of the following invoices: a. A $5,000 invoice of concrete charged to job cost code 315.01.02620M. b. A $12,350 invoice from subcontractor for plumbing charged to job cost code 309.02.15100S. Ten percent retention is withheld from the invoice. c. A S255 phone bill charged to job cost code 315.01.018000 d. A S1,352 bill for office rent e. A S112 invoice for office supplies. f. A S375 invoice for repairs to Backhoe 2. g. A $563 invoice for nails. The nails will be placed in inventory until they are needed on the jobs, at which time they will be billed to the jobs. What are the changes to the balance sheet, income statement, job cost ledger, and equipment ledger as a result of all of these invoices? 2. The time cards are being entered into the accounting system for four employees, The costs for Employee 1 are to be billed to job cost code 302.01.0110OL Ten hours of Employee 2 time is to be billed to job cost code 302.01.06110L and the remaining 30 hours are to be billed to job cost code 302.01.06210L Employee 3 took vacation this entire week and Employee 4 Works in the main office. The employee costs and deductions withheld from the employee's check are shown below. Using the chart of accounts in Figure 2-1, determine the changes to the balance sheet, Income statement, job cost ledger and equipment ledger as the result of entering the employees' time into the accounting system:

Answer 1

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Part a:
Statement	Account	Change	Nature
Balance Sheet	Accounts Payable	$    5,000	Increase
	Net Income-Current Period	$    5,000	Decrease
Income Statement	Material	$    5,000	Increase
	Profit	$    5,000	Decrease
Job Cost Ledger	315.01.02620M	$    5,000	Increase
Part b:
Statement	Account	Change	Nature
Balance Sheet	Accounts Payable	$ 11,115	Increase
	Accounts Payable-Retention	$    1,235	Increase
	Net Income-Current Period	$ 12,350	Decrease
Income Statement	Sub Contract	$ 12,350	Increase
	Profit	$ 12,350	Decrease
Job Cost Ledger	309.02.15100S	$ 12,350	Increase
Part c:
Statement	Account	Change	Nature
Balance Sheet	Accounts Payable	$       255	Increase
	Net Income-Current Period	$       255	Decrease
Income Statement	Other	$       255	Increase
	Profit	$       255	Decrease
Job Cost Ledger	315.01.018.00O	$       255	Increase
Part d:
Statement	Account	Change	Nature
Balance Sheet	Accounts Payable	$    1,352	Increase
	Net Income-Current Period	$    1,352	Decrease
Income Statement	Office Rent	$    1,352	Increase
	Profit	$    1,352	Decrease
Part e:
Statement	Account	Change	Nature
Balance Sheet	Accounts Payable	$       112	Increase
	Net Income-Current Period	$       112	Decrease
Income Statement	Office Supplies	$       112	Increase
	Profit	$       112	Decrease
Part f:
Statement	Account	Change	Nature
Balance Sheet	Accounts Payable	$       375	Increase
	Net Income-Current Period	$       375	Decrease
Income Statement	Repair and Maintenance Expense	$       375	Increase
	Profit	$       375	Decrease
Equipment Ledger	Blackhoe-2 Repairs	$       375	Increase
Part g:
Statement	Account	Change	Nature
Balance Sheet	Inventory	$       563	Increase
	Accounts Payable	$       563	Increase
Total Impact/Change:
Balance Sheet	Inventory	$       563	Increase
	Accounts Payable	$ 18,772	Increase
	Accounts Payable-Retention	$    1,235	Increase
	Net Income-Current Period	$ 19,444	Decrease
Income Statement	Material	$    5,000	Increase
	Sub Contract	$ 12,350	Increase
	Other	$       255	Increase
	Office Rent	$    1,352	Increase
	Office Supplies	$       112	Increase
	Repair and Maintenance Expense	$       375	Increase
	Profit	$ 19,444	Decrease
Job Cost Ledger	315.01.02620M	$    5,000	Increase
	309.02.15100S	$ 12,350	Increase
	315.01.018.00O	$       255	Increase
Equipment Ledger	Blackhoe-2 Repairs	$       375	Increase