Using the chart of accounts, answer the questions below for the following transaction: A $12,350 invoice...
Using the chart of accounts, answer the questions below for the following transaction:
A $12,350 invoice from a subcontractor for plumbing charged to job cost code 309.02.15100S. Ten percent retention is withheld from the invoice.
Note 1: Do not use commas in the number you input.
Note 2: Use positive numbers for balance increases and negative numbers for balance decreases.
Examples for correct formating of numbers: 1000 -1200
You have to follow the formatting instruction, otherwise, you will lose the points of the question and you won't have a chance to fix it.
Determine the changes to each of the following accounts in the Balance Sheet:
110 Cash: ?
310 Accounts Payable-Trade ?
310 Accounts Payable-Retention ?
430 Current Period Net Income ?
What is the change to the Total Asset of the company?
What is the change to the Total Liability of the company?
What is the change to the Equity of the company?
What is the change to the summation of the Expenses in the Income Statement?
What is the change to the summation of the Revenues in the Income Statement?
What is the change to the summation of the Profit in the Income Statement?
Homework Answers
| The invoice is for $12,350 and the company withheld 10% as retention money. | ||
| This means that the company has paid the balance of 90%. | ||
| The invoce is charged to Job. Hence the expenses are booked. | ||
| The following are the required details: | ||
| Changes to the following accounts | ||
| 110 Cash | Decrease by | $11,115 |
| 310.Accounts Payable - Trade | No Change | |
| 310. Accounts Payable - Retention | Increase by | $1,235 |
| 430. Current period net income | Decrease by | $12,350 |
| What is the change to the total assets of the company | Decrease by | $11,115 |
| What is the change to the total liabilities of the company | Increase by | $1,235 |
| What is the change to equity of the company | Decrease by | $12,350 |
| What is the change to summation of the expenses | Increase by | $12,350 |
| What is the change to summation of the revenues | No change | |
| What is the change to profit in the income statement | Decrease by | $12,350 |
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