Construction Accounting And Financial Management (4th Edition)
4th Edition
ISBN: 9780135232873
Author: Steven J. Peterson MBA PE
Publisher: PEARSON
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Chapter 3, Problem 11P
Using the chart of accounts in Figure 2-1, determine the changes to the
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From the following information, prepare a general journal entry to record the employee benefits expense for Jagger Company for the weekly payroll of May 9.
(Click the icon to view the payroll register.)
Prepare a general journal entry to record the employee benefits expense for Jagger Company for the weekly payroll of May 9. (Record debits first, then credits. Explanations are not required. Round your answers
to the nearest cent.)
Es
Date
May 9
Get more help.
Accounts
PR
Debit
(...
Credit
Payroll register
Employee
Tad Ness
John Yu
Tom Wait
Total Salary
910
650
830
Print
Tax
173
89
158
Deductions
CPP
43
30
39
Done
ΕΙ
15
11
13
Clear all
Net Pay
679
520
620
-
X
Check answer
Marin Company's gross pay for the week ended August 22 totalled $71,200, from which $3,880 was deducted for CPP, $1,125 for El,
and $19,900 for income tax.
Prepare the entry to record the employer payroll costs, assuming these will not be paid until September. (Credit account titles are
automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and
enter O for the amounts. List all debit entries before credit entries. Round answers to O decimal places, e.g. 1,575.)
Date
Account Titles
Aug. 22
Debit
Credit
During the current month, Standard Corporation completed Job 310 and Job 312. Job 310 cost $ 70,000 and Job 312 cost $ 50,000. Job 312 was sold on account for $ 90,000.Journalize the entries for the completion of the two jobs and the sale of Job 312. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
No.
Account Titles and Explanation
Debit
Credit
(a)
(To record completion of Jobs 310 and 312)
(b)
(To record sale of Job 312)
(c)
(To record cost of goods sold for Job 312)
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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- 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 the result of billing a client $368,264 for Job 313. The bill includes $249,996 for work performed during the last month and $118,268 for retention withheld from the previous month’s payments. Retention will not be withheld on the $249,996.arrow_forwardDuring the current month, a company that uses job order costing incurred a monthly factory payroll of $218,500. Of this amount, $52,000 is classified as indirect labor and the remainder as direct. Prepare journal entries to record these transactions. View transaction list Journal entry worksheet < 1 2 Record the cost of direct labor used. Note: Enter debits before credits. Transaction 1 Record entry General Journal Clear entry Debit Credit View general journalarrow_forwardThis problem challenges you to apply your cumulative accounting knowledge to move a step beyond the material in the chapter. Irina Company pays its employees weekly.The last pay period for 20-1 was on December 28.From December 28 through December 31, the employees earned $1,754, so the following adjusting entry was made: The first pay period in 20-2 was on January 4.The totals line from Irina Company's payroll register for the week ended January 4, 20-2,was as follows: REQUIRED a.Prepare thejournal entry for the payment of the payroll on January 4, 20-2. b.Prepare T accounts for Wages and Salaries Ex. pense and Wages and Salaries Payable showing the beginning balance, January 4, 20-2.entry, and ending balance as of January 4, 20-2.arrow_forward
- In March, Crane Company completes Jobs 10 and 11. Job 10 cost $16,400 and Job 11 $24,600. On March 31, Job 10 is sold to the customer for $28,700 in cash. Journalize the entries for the completion of the two jobs and the sale of Job 10. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Mar. 31 31 31 (To record the completion of the two jobs) (To record the sale Job 10) (To record the cost of the job sold) Debit Credit ||1]]]arrow_forwardTeal Mountain Company's gross pay for the week ended August 22 totalled $75,000, from which $4,088 was deducted for CPP. $1,185 for El, and $19,860 for income tax Prepare the entry to record the employer payroll costs, assuming these will not be paid until September. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries. Round answers to O decimal places, e.g. 1,575.) Date Account Titles Aug. 22 Debit Creditarrow_forwardMcLoyd Company completed the salaries and wages payroll for March. The payroll provided the following details: Salaries and wages earned Employee income taxes withheld FICA taxes withheld Unemployment taxes $ 550,000 50,875 39,325 3,825 Required: 1. Considering both employee and employer payroll taxes, use the preceding information to calculate the total labor cost for the company for March. 2. & 3. Prepare the journal entry to record the payroll for March, including employee deductions (but excluding employer payroll taxes) and record employer's FICA taxes and unemployment taxes.arrow_forward
- In March, Stinson Company completes Jobs 10 and 11. Job 10 cost $27,000 and Job 11 $34,000. On March 31, Job 10 is sold to the customer for $43,300 in cash. Journalize the entries for the completion of the two jobs and the sale of Job 10. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Mar. 31 31 31 (To record the completion of the two jobs) (To record the sale Job 10) (To record the cost of the job sold) Debit Creditarrow_forwardIn March, Sandhill Company completes Jobs 10 and 11. Job 10 cost $24,000 and Job 11 $36,000. On March 31, Job 10 is sold to the customer for $42,000 in cash. Journalize the entries for the completion of the two jobs and the sale of Job 10. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Mar. 31 Debit Credit 31 (To record the completion of the two jobs) 31 (To record the sale Job 10)arrow_forwardIrina Company pays its employees weekly. The last pay period for 20-1 was on December 28. From December 28 through December 31, the employees earned $1,754, so the following adjusting entry was made: The first pay period in 20-2 was on January 4. The totals line from IrinaCompany’s payroll register for the week ended January 4, 20-2, was as follows: Required1. Prepare the journal entry for the payment of the payroll on January 4, 20-2.2. Prepare T accounts for Wages and Salaries Expense and Wages and Salaries Payable showing the beginning balance, January 4, 20-2, entry, and ending balance as of January 4, 20-2.arrow_forward
- McLoyd Company completed the salaries and wages payroll for March. The payroll provided the following details: Salaries and wages earned$520,000 Employee income taxes withheld 48,100 FICA taxes withheld 37,180 Unemployment taxes 3,615 Considering both employee and employer payroll taxes, use the preceding information to calculate the total labor cost for the company for March. Prepare the journal entry to record the payroll for March, including employee deductions (but excluding employer payroll taxes) and record employer’s FICA taxes and unemployment taxes. Employees were paid in March but amounts withheld were not yet remitted.arrow_forwardIn March, Stinson Company completes Jobs 10 and 11. Job 10 cost $ 20,000 and Job 11 $ 30,000. On March 31, Job 10 is sold to the customer for $ 35,000 in cash.Journalize the entries for the completion of the two jobs and the sale of Job 10. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Mar. 31 enter an account title to record the completion of the two jobs on March 31 enter a debit amount enter a credit amount enter an account title to record the completion of the two jobs on March 31 enter a debit amount enter a credit amount (To record the completion of the two jobs) 31 enter an account title To record the sale Job 10 enter a debit amount enter a credit amount enter an account title To record the sale Job 10 enter a debit amount enter a credit amount (To record the sale Job 10) 31 enter an account…arrow_forwardPharoah Engineering Contractors incurred employee payroll costs of $32,400 ($25,200 direct and $7,200 indirect) on an engineering project. The company applies overhead at a rate of 25% of direct labor cost. Record the entries to assign payroll liabilities and to apply overhead. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation (To record service salary and wages) (To record the applied overhead) Debit Creditarrow_forward
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