The following invoices are being entered into the

Reference no: EM13589417

The following invoices are being entered into the accounting system. Using the chart of accounts in Fig 2-1 (your textbook, Construction Accounting & Financial Management 3rd Edition), determine the changes to the balance sheet, income statement, and job cost ledger as the result of entering each of the following invoices.

1.) A $12,350 invoice from a subcontractor for plumbing charged to job cost code 309.02.15100. 10% retention is withheld from the invoice.
2.) A $562 invoice for nails. The nails will be placed in inventory until they are needed on the jobs, at which time they will be billed to the jobs.

Reference no: EM13589417

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