Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

TESCO The law firm of Furlan and Benson accumulates costs associated with individual cases, using a sob order cost system. The following transactions occurred during

image text in transcribed
image text in transcribed
TESCO The law firm of Furlan and Benson accumulates costs associated with individual cases, using a sob order cost system. The following transactions occurred during July July 9. Charged 6 hours of professional lawyer) time to the Obsidian Co, breach of contract sult to prepare for the trial at a rate of $180 per hout 10. Reimbursed travel costs to employees for depositions related to the Obsidian case. $24,000. 14. Charged 190 hours of professional time for the Obsidian trial at a rate of $290 per hour. 18. Received invalce from consultants Wadtley and Warden for $51,000 for expert testimony related to the Obsidian trial. 27. Applied office overhead at a rate of $40 per professional hour charged to the Obsidian case 31. Paid administrative and support salaries of $24,700 for the month. 31. Used office supplies for the month, 18.400 31. Pald professional salaries of $168,700 for the month 31. Sled Obsidian $329,400 for successful defense of the case. a. Provide the Journal entries for each of these transactions. If an amount box does not require an entry, leave it blank. July 3 Work in Process 122.400 Salaries Payable 122.400 July 10 Work In Process 24.000 Cash 24.000 July 14 Work in Process 55,100 Salaries Payable 55.100 July 10 51.000 Work in Process Consultant Fees Payable 51,000 July 27 Work in Process 62.700 X DO office Overhead July 31 Admin, sal. Ollice Overhead 24.700 Cash 24.700 July 31 Supplies Office Overhead 1.400 Supplies 8.400 July 31 Prof. sal Salaries Payable 163.700 Cash 166.700 July 31 Billed Accounts Receivable 32.400 Fees Earned 50.400 July 31 Cost Cost of Services Il Work in Process Check My Work now.com/en/mendominato JO Constant lesaathey offie wed NA..Off Overhead II II II II I. 40 huyo Salaries Cash Account Real fees formed Cost of Services come cookies Aly the head based on our Record chart the office weer moet work to Contest 1. How much ice and is not your perbe Overvslied Determine that goes on the outcome that ever underlede what is comedy to cando b.Com the content At Cotes for decoradas Check My Work Hous Tied AR O

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions