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Q 5 - Shown below are the job cost related accounts for the law firm of Jack, Bob, and Will and their manufacturing equivalents:
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Shown below are the job cost related accounts for the law firm of Jack, Bob, and Will and their manufacturing equivalents:
tableLaw Firm Accounts,Manufacturing Firm AccountsSuppliesRaw MaterialsSalaries and Wages Payable,Factory Wages PayableOperating Overhead,Manufacturing OverheadService Contracts in Process,Work in ProcessCost of Completed Service Contracts,Cost of Goods Sold
Cost data for the month of March follow.
Assigned labor costs based on time cards for the month which indicated labor costs of direct and indirect
Operating overhead costs incurred for cash totaled
Operating overhead is applied at a rate of
Work completed totaled
of direct attorney cost.
Instructions
a Journalize the transactions for March. Omit explanations.
b Determine the balance of the Service Contracts in Process account. Use a Taccount.
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