Construction Accounting and Financial Management

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1 Debits and Credits Construction Accounting and Financial Management Chapter 3 Accounting Transactions Invoice (Materials) Charged to a Job without Retention 310 Accounts Payable-Trade (Credit) 610 Materials Job.Phase.Cost_CodeM Invoice (Subcontractor) Charged to a Job with Retention: 310 Accounts Payable-Trade (Credit) 311 Accounts Payable-Retention (Credit) 630 Subcontract Job.Phase.Cost_CodeS Paying Invoices Labor Charged to a Job 110 Cash (Credit) 310 Accounts Payable-Trade (Debit) 340 Accrued Payroll (Credit) 342 Accrued Taxes (Credit) 343 Accrued Insurance (Credit) 344 Accrued Vacation (Credit) 620 Labor Job.Phase.Cost_CodeL 1

2 Labor Charged to General Overhead Paying Employee s Wages 340 Accrued Payroll (Credit) 342 Accrued Taxes (Credit) 343 Accrued Insurance (Credit) 344 Accrued Vacation (Credit) 820 Employee Wages and Salaries 821 Employee Benefits 825 Employee Taxes 830 Insurance 110 Cash (Credit) 340 Accrued Payroll (Debit) Paying Payroll Taxes Paying for Benefits 110 Cash (Credit) 342 Accrued Taxes (Debit) 110 Cash (Credit) 343 Accrued Insurance (Debit) Vacation Time for Jobsite Employees Recording Office Rent 340 Accrued Payroll (Credit) 342 Accrued Taxes (Credit) 343 Accrued Insurance (Credit) 344 Accrued Vacation (Debit) 310 Accounts Payable-Trade (Credit) 842 Office Rent 2

3 Recording Office Depreciation Recording General Overhead Invoices 250 Less Acc. Depreciation (Credit) 819 Depreciation 310 Accounts Payable-Trade (Credit) 846 Telephone Billing a Client Billing for Retention 120 Accounts Receivable-Trade (Debit) 121 Accounts Receivable-Retention (Debit) 430 Current Period Net Income (Credit) 500 Revenue Job Revenue 120 Accounts Receivable-Trade (Debit) 121 Accounts Receivable-Retention (Credit) Receiving Payment from a Client Purchase of Equipment with a Loan 110 Cash (Debit) 120 Accounts Receivable-Trade (Credit) 110 Cash (Credit) 220 Construction Equipment (Debit) 380 Long-Term Liabilities (Credit) 3

4 Loan Payment Equipment Depreciation 110 Cash (Credit) 380 Long-term Liabilities (Debit) 881 Interest Expense 250 Less Acc. Depreciation (Credit) 720 Depreciation Excavator 1-Depreciation Leased Equipment with an Operating Lease 310 Accounts Payable-Trade (Credit) 710 Rent and Lease Payments Equipment-_#-Rent and Lease Payments Leased Equipment with a Capital Lease 260 Capital Leases (Debit) 350 Capital Lease Payable (Credit) Lease Payment on a Capital Lease Amortization of a Capital Lease 110 Cash (Credit) 350 Capital Lease Payable (Debit) 881 Interest Expense 260 Capital Leases (Credit) 710 Rent and Lease Payment Equipment-_#-Rent and Lease Payments 4

5 Invoice for Equipment Repairs Equipment Charge to Job 310 Accounts Payable-Trade (Credit) 730 Repairs Equipment-_#-Repairs and Maintenance 640 Equipment 799 Equipment Costs Charged to Jobs Job.Phase.Cost_CodeE Equipment-_#-Equipment Costs Allocated Equipment Charged to an Employee Sale of Equipment 340 Accrued Payroll (Debit) 430 Current Period Income (Credit) 798 Equipment Costs Charged to Employees Equipment-_#-Equipment Costs Allocated 110 Cash (Debit) 220 Construction Equipment (Credit) 250 Less Acc. Depreciation (Debit) 430 Current Period Net Income (Credit) 910 Other Income Purchase of Inventory Charging Inventory to a Job 130 Inventory (Debit) 310 Accounts Payable-Trade (Credit) 130 Inventory (Credit) 610 Materials Job.Phase.Cost_CodeM 5

6 Recording Changes in Costs and s in Excess of Billings 140 Costs and s in Excess of (Debit) 430 Current Period Net Income (Credit) 500 Revenue Recording Changes in Billings in Excess of Costs and s 320 in Excess of Costs and s (Credit) 500 Revenue 6

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