and media purchases (air time and ad space). Overhead isallocated to each project as a percentage of mediapurchases. The predetermined overhead rate is 45% ofmedia purchases.On August 1, the four advertising projects had the followingaccumulated costs:Vault BankTake Off AirlinesSleepy Tired HotelsTastee BeveragesTotalDuring August, The Fly Company incurred the followingdirect labor and media purchase costs related to preparingadvertising for each of the four accounts:Vault BankTake Off AirlinesSleepy Tired HotelsTastee BeveragesTotala.August 1 Balances$81,40024,40057,00035,000$197,800At the end of August, both the Vault Bank and Take OffAirlines campaigns were completed. The costs of completedcampaigns are debited to the cost of services account.b.Direct Labor$55,30024,700108,800123,800$312,600a. Journalize the summary entry to record the direct laborcosts for the month. If an amount box does not require anentry, leave it blank.Media PurchasesC.$206,100181,400132,50099,000$619,000b. Journalize the summary entry to record the mediapurchases for the month. If an amount box does notrequire an entry, leave it blank.d.c. Journalize the summary entry to record the overheadapplied for the month. If an amount box does not requirean entry, leave it blank.d. Journalize the summary entry to record the completionof Vault Bank and Take Off Airlines for the month. If anamount box does not require an entry, leave it blank. and media purchases (air time and ad space). Overhead isallocated to each project as a percentage of mediapurchases. The predetermined overhead rate is 45% ofmedia purchases.On August 1, the four advertising projects had the followingaccumulated costs:Vault BankTake Off AirlinesSleepy Tired HotelsTastee BeveragesTotalDuring August, The Fly Company incurred the followingdirect labor and media purchase costs related to preparingadvertising for each of the four accounts:Vault BankTake Off AirlinesSleepy Tired HotelsTastee BeveragesTotala.b.purreqb. (At the end of August, both the Vault Bank and Take OffAirlines campaigns were completed. The costs of completedcampaigns are debited to the cost of services account.C.August 1 Balances$81,40024,40057,00035,000$197,800a. Journalize the summary entry to record the direct laborcosts for the month. If an amount box does not require anentry, leave it blank.appanic. Cd.of Vamid. (Direct Labor$55,30024,700108,800123,800$312,600Media PurchasesCashAccounts PayableAgency OverheadCost of Services$206,100181,400132,50099,000$619,000Salaries PayableWork in Process

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Description: and media purchases (air time and ad space). Overhead isallocated to each project as a percentage of mediapurchases. The predetermined overhead rate is 45% ofmedia purchases.On August 1, the four advertising projects had the followingaccumulated cos

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and media purchases (air time and ad space). Overhead is allocated to each project as a percentage of media purchases. The predetermined overhead rate is 45% of media purchases. On August 1, the four advertising projects had the following accumulated costs: Vault Bank Take Off Airlines Sleepy Tired Hotels Tastee Beverages Total August 1 Balances $81,400 24,400 57,000 35,000 $197,800 During August, The Fly Company incurred the following direct labor and media purchase costs related to preparing advertising for each of the four accounts: Direct Labor $55,300 24,700 108,800 123,800 $312,600 Vault Bank Take Off Airlines Sleepy Tired Hotels Tastee Beverages Total Media Purchases $206,100 181,400 132,500 99,000 $619,000 At the end of August, both the Vault Bank and Take Off Airlines campaigns were completed. The costs of completed campaigns are debited to the cost of services account. a. Journalize the summary entry to record the direct labor costs for the month. If an amount box does not require an entry, leave it blank.

and media purchases (air time and ad space). Overhead is allocated to each project as a percentage of media purchases. The predetermined overhead rate is 45% of media purchases. On August 1, the four advertising projects had the following accumulated costs: Vault Bank Take Off Airlines Sleepy Tired Hotels Tastee Beverages Total August 1 Balances $81,400 24,400 57,000 35,000 $197,800 During August, The Fly Company incurred the following direct labor and media purchase costs related to preparing advertising for each of the four accounts: Direct Labor $55,300 24,700 108,800 123,800 $312,600 Vault Bank Take Off Airlines Sleepy Tired Hotels Tastee Beverages Total Media Purchases $206,100 181,400 132,500 99,000 $619,000 At the end of August, both the Vault Bank and Take Off Airlines campaigns were completed. The costs of completed campaigns are debited to the cost of services account. a. Journalize the summary entry to record the direct labor costs for the month. If an amount box does not require an entry, leave it blank.

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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