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 7P
The following invoices are being entered into the accounting system. Using the chart of accounts in Figure 2-1, determine the changes to the
- a. A $5,000 invoice for concrete charged to job cost code 302.01.32300M
- b. A $12,350 invoice from a subcontractor for plumbing charged to job cost code 309.02.22100S. Ten percent retention is withheld from the invoice.
- c. A $255 phone bill charged to job cost code 315.01.01800O
- d. A $1,352 bill for main office rent
- e. A $112 invoice for office supplies for the main office
- f. A $375 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?
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please help
Can you help me with the last 2 journal entries?
They are recording charges to Work-In-Process and the Transfer of Job 87.
Prepare a T-account for each account on the company’s balance sheet, and enter the beginning balances.
Make entries directly into the T-accounts for the transactions given above. Create new T-accounts as needed. Determine an ending balance for each T-account.
Was manufacturing overhead underapplied or overapplied for the year? Assume that the company allocates any overhead balance among the Work in Process, Finished Goods, and Cost of Goods Sold accounts, using the overall balances in each account. Prepare a journal entry to show the allocation. (Round allocation percentages to one decimal place.)
Prepare an income statement for the year. (Do not prepare a schedule of cost of goods manufactured; all of the information needed for the income statement is available in the T-accounts.)
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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