**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 520 hours of professional (lawyer) time to the Obsidian Co. breach of contract suit to prepare for the trial, at a rate of $210 per hour.- **July 10:** Reimbursed travel costs to employees for depositions related to the Obsidian case, $24,100.- **July 14:** Charged 190 hours of professional time for the Obsidian trial at a rate of $280 per hour.- **July 18:** Received invoice from consultants Wadsley and Harden for $62,100 for expert testimony related to the Obsidian trial.- **July 27:** Applied office overhead at a rate of $40 per professional hour charged to the Obsidian case.- **July 31:** Paid administrative and support salaries of $20,200 for the month.- **July 31:** Used office supplies for the month, $6,800.- **July 31:** Paid professional salaries of $168,600 for the month.- **July 31:** Billed Obsidian $316,900 for successful defense of the case.**Requirement:**a. Provide the journal entries for each of these transactions. If an amount box does not require an entry, leave it blank. There is a table structure to record these entries, with date-specific transaction columns but no information filled in. ---**Accounting Overhead and Profit Analysis Worksheet**1. **July 31 Supplies** - [Dropdown] [Textbox] [Textbox]2. **July 31 Prof. Sal.** - [Dropdown] [Textbox] [Textbox]3. **July 31 Billed** - [Dropdown] [Textbox] [Textbox]4. **July 31 Cost** - [Dropdown] [Textbox] [Textbox]b. **Office Overhead Analysis** - How much office overhead is over- or underapplied? Enter your answer as a positive number. - [Textbox] [Dropdown]c. **Gross Profit Determination** - Determine the gross profit on the Obsidian case, assuming that over- or underapplied office overhead is closed monthly to cost of services. - [Textbox]---Note: The dropdown menus and textboxes are placeholders for data entry and selection related to each category.

Name: **Job Order Cost Accounting for a Service Company**The law firm of Fu
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Description: **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 520 hours o

The journal entries are prepared to record daily transactions of the business.

Business

Accounting

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 520 hours of professional (lawyer) time to the Obsidian Co. breech of contract suit to prepare for the trial, at a rate of $210 per hour. 10. Reimbursed travel costs to employees for depositions related to the Obsidian case, $24,100. 14. Charged 190 hours of professional time for the Obsidian trial at a rate of $280 per hour. 18. Received invoice from consultants Wadsley and Harden for $62,100 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 $20,200 for the month. 31. Used office supplies for the month, $6,800. 31. Paid professional salaries of $168,600 for the month. 31. Billed Obsidian $316,900 for successful defense of the case. leave it hlank

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 520 hours of professional (lawyer) time to the Obsidian Co. breech of contract suit to prepare for the trial, at a rate of $210 per hour. 10. Reimbursed travel costs to employees for depositions related to the Obsidian case, $24,100. 14. Charged 190 hours of professional time for the Obsidian trial at a rate of $280 per hour. 18. Received invoice from consultants Wadsley and Harden for $62,100 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 $20,200 for the month. 31. Used office supplies for the month, $6,800. 31. Paid professional salaries of $168,600 for the month. 31. Billed Obsidian $316,900 for successful defense of the case. leave it hlank

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Entries for Direct Labor and Factory Overhead Townsend Industries Inc. manufactures recreational vehicles. Townsend uses a job order cost system. The time tickets from November jobs are summarized as fllows: Job 201 $3,650 Job 202 1,820 Job 203 1,440 Job 204 2,690 Factory supervision 1,250 Factory overhead is applied to jobs on the basis of a predetermined overhead rate of $20 per direct labor hour. The direct labor rate is $15 per hour. If required, round final answers to the nearest dollar. a. Journalize the entry to record the factory labor costs. If an amount box does not require an entry, leave it blank. Work in Process Factory Overhead Wages Payable
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Entries for Direct Labor and Factory Overhead Townsend Industries Inc. manufactures recreational vehicles. Townsend uses a job order cost system. The time tickets from November jobs are summarized as follows: Job 201 $6,240 Job 202 7,000 Job 203 5,210 Job 204 6,7500 Factory supervision 4,000 Factory overhead is applied to jobs on the basis of a predetermined overhead rate of $18 per direct labor hour. The direct labor rate is $40 per hour. a. Journalize the entry to record the factory labor costs. If an amount box does not require an entry, leave it blank. Work in Process Factory Overhead Wages Payable b. Journalize the entry to apply factory overhead to production for November. If an amount box does not require an entry, leave it blank. Work in Process Factory Overhead