Answered step by step
Verified Expert Solution
Question
1 Approved Answer
solve Job Order Cost Accounting for a Service Company The Iaw firm of Furian and Benson accumalates costs associated with individual cases, using a job
solve
Job Order Cost Accounting for a Service Company The Iaw firm of Furian and Benson accumalates costs associated with individual cases, using a job orger cost system. The following transactions occurred during July: July 3, Charged 640 hours of prolessional (lawyer) time at a rate of $210 per hour to the Obsidian Co. breech of contract suit to prepare for the triai 10. Reimbursed travel costs to employees for depositions retated to the Obsidian case, $16,000 14. Charged 280 hours of professional time for the obsidian teial at a rate of $290 per hour 18. Recelved invalce from consultants Wadsley and Harden for $62,500 for expert tectimony related to the Obsidian trial 27. Applied office overhead at a rate of $60 per professional hour charged to the Obsidian case 31. Paid administrative and suppert salaries of $39,200 for the month 31. Used office supplies for the month, 513,200 31. Paid protessional salaries of $187,700 for the month 31. Billed Obsidian 5398,500 for successful defense of the case a. Provide the journal entries for each of these transactions. If an amouat box does not require an entry, leave it blank. a. Provide the journal entries for each of these transactions. If an amount box does not require an entry, leave it blank. July 3 July 10 July 14 July 18 July 27 July 31 Admin. sal. July 31 Supplies July 31 Prof. sal. July 31 Billed July 31 Cost b. How much office overhead is over- or underapplied? Enter your answer as a positive number: c. Determine the gross pront on the Obsidian case, assuming that over- or underapplied office overhead is closed monthly to cost of services 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