Question
eBook Job Order Cost Accounting Entries for a Service Business The law firm of Tilton and Henderson accumulates costs associated with individual cases, using a
eBook Job Order Cost Accounting Entries for a Service Business The law firm of Tilton and Henderson accumulates costs associated with individual cases, using a job order cost system. The following transactions occurred during June: June 4. Charged 520 hours of professional (lawyer) time to the Rucker Co. breech of contract suit to prepare for the trial, at a rate of $190 per hour. 8. Reimbursed travel costs to employees for depositions related to the Rucker case, $23,500. 12. Charged 340 hours of professional time for the Rucker trial at a rate of $250 per hour. 16. Received invoice from consultants Wenzel and Lachgar for $47,800 for expert testimony related to the Rucker trial. 24. Applied office overhead at a rate of $40 per professional hour charged to the Rucker case. 30. Paid secretarial and administrative salaries of $24,400 for the month. 30. Used office supplies for the month, $8,300. 30. Paid professional salaries of $176,500 for the month. 30. Billed Rucker $331,000 for successful defense of the case. Hide a. Provide the journal entries for each of the above transactions. June 4 June 8 June 12 June 16 June 24 June 30 Admin. sal. June 30 Supplies June 30 Prof. sal. June 30 Billed June 30 Cost b. How much office overhead is over- or underapplied? Enter your answer as a positive number. $ c. Determine the gross profit on the Rucker case, assuming that over- or underapplied office overhead is closed monthly to cost of services. $ Check My Work (2 remaining) Icon Key Previous Question 8 of 9 NextExercise 19-17 (Algorithmic)
please answer the whole question from begging to end
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started