Reference no: EM131135905

Transactions during the period 1 December 2015 to 30 November 2016 are given below for ABC Construction.

(1) Total income (fees) from construction contracts	$400,000
(2) Material inventory purchased on account	80,000
(3) Total office rent paid	20,000
(4) Salaries paid to engineers	90,000
(5) Accounts receivable collected	60,000
(6) Account payable paid	30,000
(7) Subcontractor accounts paid	70,000
(8) Bidding expenses	20,000
(9) Building depreciation	40,000
(10) Construction equipment depreciation	30,000

Using the transactions presented in Appendix B as a guide:

§ Journalize all of the above transactions.

§ Post journal entries to appropriate accounts.

§ Develop the Income Statement for period 1 December 2015 to 30 November 2016.

§ Develop the Balance Sheet for ABC Construction as of 30 November2016.