ABC Framing - Light Commercial Building - Accounting Assignment Help

Assignment Task

(a) ABC Framing has been hired to frame a light commercial building. The project began on July 2 and was completed on August 9. The following is a list of accounting transactions associated with the project. For each trans-action, determine the changes that occur on the balance sheet, income statement, and job cost ledger as a result of that transaction and the year-to-date totals by general ledger account and job cost code. The company uses the chart of accounts. The general contractor doesn’t withhold retention. All costs are billed to job cost code 1005.06110. The appropriate cost type (M, L, or E) needs to be add-ed to the job cost code. The company rents its equipment and the equipment is billed directly to the job cost ledger; therefore, they do not keep an equipment ledger. After you have entered all of the transactions, plot the daily balance of the 110 cash account and profit for the project.

(b) On July 13 the employees were paid for the time entered into the accounting system on July 11.

(c) c. On July 18 the time cards were entered into the ac-counting system. The following costs were recorded: wages due to employees, $5,374.40; social security, $753.60; Medicare, $177.60; SUTA, $335.20; FUTA, $7.20; workers’ compensation, $532.40; general liability, $47.60; and employer-paid health insurance, $360.00.

(d) d. On July 20 the employees were paid for the time entered into the accounting system on July 18.
(e) e. On July 25 the time cards were entered into the ac-counting system. The following costs were recorded: wages due to employees, $5,374.40; social security, $753.60; Medicare, $177.60; SUTA, $335.20; FUTA, $7.20; workers’ compensation, $532.40; general liability, $47.60; and employer-paid health insurance, $360.00.
(f) during July were paid.
(g) On August 1 the time cards were entered into the accounting system. The following costs were record-ed: wages due to employees, $5,374.40; social secu-rity, $753.60; Medicare, $177.60; SUTA, $335.20; FUTA, $7.20; workers’ compensation, $532.40; general liability, $47.60; and employer-paid health insurance, $360.00.
(h) i. On August 2 a bill for materials (e.g., nails, hard-ware, and small tools) in the amount of $3,846 was entered into the accounting system. A bill for the forklift rental in the amount of $6,720 was also entered.

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