Construction Accounting And Financial Management (4th Edition)
4th Edition
ISBN: 9780135232873
Author: Steven J. Peterson MBA PE
Publisher: PEARSON
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Textbook Question
Chapter 3, Problem 12P
Using the chart of accounts in Figure 2-1, determine the changes to the
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Give the journal entry for direct and indirect labor costs incurred. Explain how this transaction affects the accounting equation.
Journalizing the entry to record jobs shipped and customers billed would include a credit to
A. Cash
B. Accounts payable
C.finished goods
D. Cost of goods sold
Categorize each of the following activities into the expenditure, conversion, or revenue cycles, and identify the applicable subsystem and give examples of each subsystem . a. Preparing the weekly payroll for manufacturing personnel
b. Releasing raw materials for use in the manufacturing cycle
c. Recording the receipt of payment for goods sold
d. Recording the order placed by a customer
e. Ordering raw materials
f. Determining the amount of raw materials to order?
Chapter 3 Solutions
Construction Accounting And Financial Management (4th Edition)
Ch. 3 - How do the relationships between the balance...Ch. 3 - Which of the transactions from this chapter result...Ch. 3 - Prob. 3DQCh. 3 - Which of the transactions from this chapter result...Ch. 3 - Prob. 5DQCh. 3 - Prob. 6DQCh. 3 - The following invoices are being entered into the...Ch. 3 - Prob. 9PCh. 3 - Using the chart of accounts in Figure 2-1,...Ch. 3 - Using the chart of accounts in Figure 2-1,...
Ch. 3 - Using the chart of accounts in Figure 2-1,...Ch. 3 - Using the chart of accounts in Figure 2-1,...Ch. 3 - Using the chart of accounts in Figure 2-1,...Ch. 3 - Using the chart of accounts in Figure 2-1,...Ch. 3 - Using the chart of accounts in Figure 2-1,...Ch. 3 - Using the chart of accounts in Figure 2-1,...Ch. 3 - Using the chart of accounts in Figure 2-1,...Ch. 3 - Using the chart of accounts in Figure 2-1,...
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Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Indicate the work sheet columns (Income Statement Debit, Income Statement Credit, Balance Sheet Debit, Balance Sheet Credit) in which the balances of the following accounts should appear: a. S. Moon, Drawing b. Utilities Expense c. Merchandise Inventory (ending) d. Purchases Discounts e. Unearned Rent f. Sales Returns and Allowances g. Accumulated Depreciation, Equipment h. Income Summary i. Service Income j. Prepaid Insurancearrow_forwardANALYSIS OF NET INCOME OR NET LOSS ON THE WORK SHEET Indicate with an X in which columns. Income Statement Debit or Credit or Balance Sheet Debit or Credit, a net income or a net loss would appear on a work sheet.arrow_forwardCategorize each of the following activities into the expenditure, conversion, or revenue cycles, and identify the applicable subsystem.a. preparing the weekly payroll for manufacturing personnelb. releasing raw materials for use in the manufacturing cyclec. recording the receipt of payment for goods soldd. recording the order placed by a customere. ordering raw materialsf. determining the amount of raw materials to orderarrow_forward
- Indicate whether each of the following costs is a product cost or a period (selling and administrative) cost: Event a. b. C. Advertising costs. d. e. f. g. Goods purchased for resale. Salaries of salespersons. h. i. Transportation-out. Interest on a note payable. Salary of the company president. Transportation-in. Insurance on the office building. Office supplies.arrow_forwardWhat document is the source for (A) debiting the accounts in the materials ledger and (B) crediting the accounts in the materials ledger?arrow_forwardWhat document is used to determine the actual amount of direct labor to record on a job cost sheet? a. Wages payable account O b. Payroll register c. Time ticket d. Production orderarrow_forward
- Expenses related to office maintenance will be called as a. Sales Discount expense b. Selling expenses c. General and Administration expense d. Marketing expensearrow_forwardJournalize the entries to record the transactions, post to the Raw Materials Inventory account, and determine the ending balance in Raw Materials Inventory.arrow_forwardPlease select the aspect of accounting associated with the following activities 1. analyzing and interpreting reports 2. Presenting financial information 3.maintaining a log of service costs 4. Measuring the costs of a product 5. Preparing financial statements 6. Establishing revenues generated from a product 7.determining employee tasks behind a servicearrow_forward
- Data collected in sales invoice, purchase order, receiving report, employee time cardarrow_forwardRecord the entry for Materials purchases (on credit). Record the direct materials used in production. Record the Direct labor paid and assigned to Work in Process Inventory. Record the indirect labor paid and assigned to Factory Overhead. Record the entry for Overhead costs applied to Work in Process Inventory. Record the cost of indirect materials used. Record the cost of factory utilities, paid in cash. Record depreciation on factory equipment. Record the cost of factory rent, paid in cash. Record the entry for transfer of Jobs 306 and 307 to Finished Goods Inventory. Record the Cost of goods sold for Job 306. Record the revenue from the sale of Job 306. Record the entry for assignment of any underapplied or overapplied overhead to the Cost of Goods Sold.arrow_forwardDetermine whether each of the following costs should be classified as product costs or period costs. Depreciation on office equipment. Salary to painting supervisor. Wages paid to production workers. Insurance on office equipment and machinery. Materials purchased.arrow_forward
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