Answered step by step
Verified Expert Solution
Question
1 Approved Answer
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:
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 590 hours of professional (lawyer) time to the Rucker Co. breech of contract suit to prepare for the trial, at a rate of $210 per hour. |
8. | Reimbursed travel costs to employees for depositions related to the Rucker case, $15,000. |
12. | Charged 170 hours of professional time for the Rucker trial at a rate of $300 per hour. |
16. | Received invoice from consultants Wenzel and Lachgar for $54,500 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 $21,600 for the month. |
30. | Used office supplies for the month, $7,300. |
30. | Paid professional salaries of $176,000 for the month. |
30. | Billed Rucker $314,300 for successful defense of the case. |
a. Provide the journal entries for each of the above transactions.
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