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 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 14 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. 31. Paid administrative and support salaries of $19,900 for the month. 31. Used office supplies for the month, $6,700. July 27 31. Paid professional salaries of $166,900 for the month. 31. Billed Obsidian $269,400 for successful defense of the case.

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 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 14 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. 31. Paid administrative and support salaries of $19,900 for the month. 31. Used office supplies for the month, $6,700. July 27 31. Paid professional salaries of $166,900 for the month. 31. Billed Obsidian $269,400 for successful defense of the case.

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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