The following are the job cost related accounts for the law firm of Blossom Associates and their manufacturing equivalents Law Firm Accounts Manufacturing Firm Accounts Supplies Raw Materials Salaries and Wages Payable Factory Wages Payable Operating Overhead Service Contracts in Process Manufacturing Overhead Work in Process Cost of Completed Service Contracts Cost of Goods Sold Cost data for the month of March follow. 1. Purchased supplies on account $1,880. 2. Issued supplies $1,290 (60 % direct and 40% indirect). 3. 4. Assigned labor costs based on time cards for the month which indicated labor costs of $71,400 (80% direct and 20% indirect). Operating overhead costs incurred for cash totaled $40,800. 5. Operating overhead is applied at a rate of 90% of direct labor cost. 6. Work completed totaled $76,500. (a) Journalize the transactions for March. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit 1. 2. 3. 5.
The following are the job cost related accounts for the law firm of Blossom Associates and their manufacturing equivalents Law Firm Accounts Manufacturing Firm Accounts Supplies Raw Materials Salaries and Wages Payable Factory Wages Payable Operating Overhead Service Contracts in Process Manufacturing Overhead Work in Process Cost of Completed Service Contracts Cost of Goods Sold Cost data for the month of March follow. 1. Purchased supplies on account $1,880. 2. Issued supplies $1,290 (60 % direct and 40% indirect). 3. 4. Assigned labor costs based on time cards for the month which indicated labor costs of $71,400 (80% direct and 20% indirect). Operating overhead costs incurred for cash totaled $40,800. 5. Operating overhead is applied at a rate of 90% of direct labor cost. 6. Work completed totaled $76,500. (a) Journalize the transactions for March. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit 1. 2. 3. 5.
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter26: Manufacturing Accounting: The Job Order Cost System
Section: Chapter Questions
Problem 3SEB: JOURNAL ENTRIES FOR MATERIAL, LABOR, AND OVERHEAD Rich Manufacturing Corporation had the following...
Related questions
Question
help please answer in text form with proper workings and explanation for each and every part and steps with concept and introduction no AI no copy paste remember answer must be in proper format with all working
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Recommended textbooks for you
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
Managerial Accounting
Accounting
ISBN:
9781337912020
Author:
Carl Warren, Ph.d. Cma William B. Tayler
Publisher:
South-Western College Pub
Principles of Cost Accounting
Accounting
ISBN:
9781305087408
Author:
Edward J. Vanderbeck, Maria R. Mitchell
Publisher:
Cengage Learning
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
Managerial Accounting
Accounting
ISBN:
9781337912020
Author:
Carl Warren, Ph.d. Cma William B. Tayler
Publisher:
South-Western College Pub
Principles of Cost Accounting
Accounting
ISBN:
9781305087408
Author:
Edward J. Vanderbeck, Maria R. Mitchell
Publisher:
Cengage Learning
Excel Applications for Accounting Principles
Accounting
ISBN:
9781111581565
Author:
Gaylord N. Smith
Publisher:
Cengage Learning
College Accounting, Chapters 1-27 (New in Account…
Accounting
ISBN:
9781305666160
Author:
James A. Heintz, Robert W. Parry
Publisher:
Cengage Learning
Principles of Accounting Volume 2
Accounting
ISBN:
9781947172609
Author:
OpenStax
Publisher:
OpenStax College