Chapter 4, Problem 15P

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 a result of recording the over- and underbillings from Problem 13. The balance sheet from the beginning of the month had $1.562 in costs and profits in excess of billings and $2,125 in billings in excess of costs and profits.