w2 | Online teach x ceAssignment/takeAssignment Main.do?invoker=&take AssignmentSessionLocator=&inprogress=false math Georgia state soundcloud Bing @ eBook Calculator Print Item Job Order Cost Accounting for a Service Company The law firm of Furlan and Benson accumulates costs associated with individual cases, using a job order cost system. The following transactions occurred during July July 3. Charged 560 hours of professional (lawyer) time to the Obsidian Co. breech of contract suit to prepare for the trial, at a rate of $190 per hour. 10. Reimbursed travel costs to employees for depositions related to the Obsidian case, $19,600. 14. Charged 180 hours of professional time for the Obsidian trial at a rate of $280 per hour. 18. Received invoice from consultants Wadsley and Harden for $77,000 for expert testimony related to the Obsidian trial. 27. Applied office overhead at a rate of $80 per professional hour charged to the Obsidian case 31. Paid administrative and support salaries of $42,000 for the month 31. Used office supplies for the month, $14,200. 31. Paid professional salaries of $158,800 for the month 31. Billed Obsidian $356,000 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 Work In Process Salaries Payable 1.400 July a 106,400 July 10 Work Process Cash July 14 Work in Proces Salarie Payable eBook Calculator Print Item July 27 Work in Process Office Overhead July 31 Admin. sal. Office Overhead 42,000 Cash 42,000 July 31 Supplies Office Overhead 14,200 7 Supplies 14,200 July 31 Prof. sal. Salaries Payable 158,800 Cash 158.800 July 31 Billed Accounts Receivable 356,000 Fees Earned 356,000 July 31 Cost Cost of Services Workila Process . Record the direct costs in Work in Process Apply the overhead based on professional hours Record actual overhead in the ome Overhead account for cases completed, move the crom work in process to cost of Services Hems Check My Works b. How much office overhead is over- or underapplied? Enter your answer as a positive number. Overapplied c. Determine the gross profit on the Obsidian case, assuming that over- or underapplied office overhead is closed monthly to cost of services Feedback Check My Wor Feedback w2 | Online teach x ceAssignment/takeAssignment Main.do?invoker=&take AssignmentSessionLocator=&inprogress=false math Georgia state soundcloud Bing @ eBook Calculator Print Item Job Order Cost Accounting for a Service Company The law firm of Furlan and Benson accumulates costs associated with individual cases, using a job order cost system. The following transactions occurred during July July 3. Charged 560 hours of professional (lawyer) time to the Obsidian Co. breech of contract suit to prepare for the trial, at a rate of $190 per hour. 10. Reimbursed travel costs to employees for depositions related to the Obsidian case, $19,600. 14. Charged 180 hours of professional time for the Obsidian trial at a rate of $280 per hour. 18. Received invoice from consultants Wadsley and Harden for $77,000 for expert testimony related to the Obsidian trial. 27. Applied office overhead at a rate of $80 per professional hour charged to the Obsidian case 31. Paid administrative and support salaries of $42,000 for the month 31. Used office supplies for the month, $14,200. 31. Paid professional salaries of $158,800 for the month 31. Billed Obsidian $356,000 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 Work In Process Salaries Payable 1.400 July a 106,400 July 10 Work Process Cash July 14 Work in Proces Salarie Payable eBook Calculator Print Item July 27 Work in Process Office Overhead July 31 Admin. sal. Office Overhead 42,000 Cash 42,000 July 31 Supplies Office Overhead 14,200 7 Supplies 14,200 July 31 Prof. sal. Salaries Payable 158,800 Cash 158.800 July 31 Billed Accounts Receivable 356,000 Fees Earned 356,000 July 31 Cost Cost of Services Workila Process . Record the direct costs in Work in Process Apply the overhead based on professional hours Record actual overhead in the ome Overhead account for cases completed, move the crom work in process to cost of Services Hems Check My Works b. How much office overhead is over- or underapplied? Enter your answer as a positive number. Overapplied c. Determine the gross profit on the Obsidian case, assuming that over- or underapplied office overhead is closed monthly to cost of services Feedback Check My Wor Feedback
