**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.

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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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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 400 hours of professional (lawyer) time to the Obsidian Co. breech of contract suit to prepare for the trial, at a rate of $240 per hour. 10. Reimbursed travel costs to employees for depositions related to the Obsidian case, $14,700. 14. Charged 160 hours of professional time for the Obsidian trial at a rate of $250 per hour. July 10 July 14 a. Provide the journal entries for each of these transactions. If an amount box does not require an entry, leave it blank. July 3 July 18 18. Received invoice from consultants Wadsley and Harden for $57,000 for expert testimony related to the Obsidian trial. 27. Applied office overhead at a rate of $50 per professional hour charged to the Obsidian case. July 27 31. Paid administrative and support salaries of $19,900 for…
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