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Using excel file fill all fields in detail ourse grade Understand how accounting transactions are recorded in the accounting books Understand changes in the balance
Using excel file fill all fields in detail ourse grade
Understand how accounting transactions are recorded in the
accounting books
Understand changes in the balance sheet, income statement and job
cost ledger as the result of different transactions
Evaluation:
There are transactions to be recorded in the exercise. All the
transactions need to be recorded in order to receive full grade. Use the
excel file provided.
Task:
For each transaction, determine the changes that occur, as a result of
that transaction, on:
Transaction registry one per transaction
Ledgers Balance Statemen, Income Statement, Job Cost
Balance sheet
Income statement.
Note: The assignment will need to be submitted in an Excel file using
the Learning Hub. Activities. Assignments. Assignment #
ABC Builders has been hired to build a home. The following is a list
of some of the las accounting transactions associated with the
project for the year For each transaction, determine the
changes that occur on the registry, ledgers, the balance sheet, and
the income statement.
All costs are billed to project code The appropriate cost type
M L or E needs to be added to the job cost code.
On Dec th the labour time cards were entered into the
accounting system. The following costs were recorded: wages
due to employees $; employee life insurance $;
Medicare insurance $; CPP $; EI $; workers
compensation insurance $; general liability
insurance $; and employerpaid health insurance $
On Dec th the employees were paid for the time entered into
the accounting system on Dec th
On December the employee life insurance, Medicare, CPP
EI workers compensation, general liability, and employerpaid
health insurance premiums recorded on Dec th were paid
On December a bill for materials cement and sand in the
amount of $ was entered into the accounting system.
On December st the projects client was billed $ for
Decembers work.
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