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Job Order Cost Accounting Entries for a Service Business - ACCOUNTING Job Order Cost Accounting Entries tor a Service Business The law firm of Clark
Job Order Cost Accounting Entries for a Service Business - ACCOUNTING
Job Order Cost Accounting Entries tor a Service Business The law firm of Clark and Lankau accumulates costs associated with individual cases, using a job'.order cost system. The following transactions occurred during May: Charged 200 hours of professional (lawyer) time to the Peterson Co. breech of contract suit to prepare for the trial, at a rate of $140 per hour. Reimbursed travel costs to employees for depositions related to the Peterson case, $14, 600. Charged 300 hours of professional time for the Peterson trial at a rate of $175 per hour. Received invoice from consultants Davis and Harris for $40, 000 for expert testimony related to the Peterson trial. Applied office overhead at a rate of $50 per professional hour charged to the Peterson case. Paid secretarial and administrative salaries of $26, 000 for the month. Used office supplies for the month, $6, 000. Paid professional salaries of $38, 640 for the month. Billed Peterson $185, 000 for successful defense of the case. Provide the journal entries for each of the above transactions. Job Order Cost Accounting Entries tor a Service Business The law firm of Clark and Lankau accumulates costs associated with individual cases, using a job'.order cost system. The following transactions occurred during May: Charged 200 hours of professional (lawyer) time to the Peterson Co. breech of contract suit to prepare for the trial, at a rate of $140 per hour. Reimbursed travel costs to employees for depositions related to the Peterson case, $14, 600. Charged 300 hours of professional time for the Peterson trial at a rate of $175 per hour. Received invoice from consultants Davis and Harris for $40, 000 for expert testimony related to the Peterson trial. Applied office overhead at a rate of $50 per professional hour charged to the Peterson case. Paid secretarial and administrative salaries of $26, 000 for the month. Used office supplies for the month, $6, 000. Paid professional salaries of $38, 640 for the month. Billed Peterson $185, 000 for successful defense of the case. Provide the journal entries for each of the above transactionsStep by Step Solution
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