Understand how accounting transactions result

Assignment Help Financial Accounting

Reference no: EM133531809

Financial Management and Budget Planning

Objective 1: Understand how accounting transactions result in costs or revenues being recorded to the job cost ledger.
Objective 2: Record changes in the balance sheet, income statement and job cost ledger as the result of different transactions

Tasks:

Best in Town Construction has been hired to complete a residential renovation. The following is a list of some accounting transactions associated with the project. For each transaction, determine the changes that occur on the balance sheet, income statement, and job cost ledger as a result of that transaction and show an individual registry for each one. Summarize the year-to-date totals for the general ledger account and job cost ledger. The company uses the chart of accounts in Figure 2-1 of the textbook. The client withholds 10% holdback.

The Project uses project cost code 0012. The appropriate cost type and the indication of the type of expense (M, L, or E) needs to be added to the job cost code.

After you have entered all of the transactions, summarize the daily balance of the cash and profit accounts for the project (1 to 5).
Update Financial Statements accordingly. This are the last transactions to be registered for the year 2023.

Question 1. On January 12th the time cards were entered into the accounting system. The following costs were recorded: wages due to employees, $28,327; employee life insurance, $1,595; Medicare, $1,335; CPP, $656; EI, $978; workers' compensation, $1,924; general liability insurance, $1,092; and employer-paid health insurance, $432. Vacation $7,567

Question 2. On January 15th the employees were paid for the time entered into the accounting system on January 12th.

Question 3. On February 8th, a bill for materials and tools bought at Home Depot (nails, hardware, and small tools) in the amount of $16,521 was entered into the accounting system. The materials will be used for framing.

Question 4. On February 9th, an invoice from TCY plumbing is received for $112,000

Question 5. On February 15th, a client was billed $345,000 for January's work.

Attachment:- Spreadsheet.rar

Reference no: EM133531809

Questions Cloud

What is the investment component and can you provide : Health care has both a consumption component and investment component? What is the investment component and can you provide an example

Explain why the big mac is a good product to find ppp : Purchasing Power Parity establishes an exchange rate. Explain why the Big Mac is a good product to find PPP. Explain why the exchange rate is not always in PPP.

What was wrong with him psychologically instead of handing : Determine what was wrong with him psychologically instead of handing down that penalty and placed him in a rehabilitation facility.

Create powerpoint presentation of product : Create a Powerpoint presentation of a product that you use and enjoy using. Describe the product and your connection to it.

Understand how accounting transactions result : BLDC 1020 Financial Management and Budget Planning, British Columbia Institute of Technology - how accounting transactions result in costs or revenues

Describe how hr uses kpis to support organizational needs : HRM 200- Explain the role of an HR professional and how the role supports an organization. Describe how HR uses KPIs to support organizational needs.

What would be the consequences for Jarrad : Are you allowed to use a video to monitor another person in this way? Explain why. What would be the consequences for Jarrad?

How do you think the business can use that information : How do you think the business can use that information? Do you think that customer data like this is a commodity that can be sold? What concerns does this raise

Find and share at least one inspiring quote : Find and share at least one inspiring quote that you feel would help to motivate you and others in thinking creatively in your work.

User Account

All Pages