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iPad 1:29 PM 56% ) edugen.wileyplus.com . Instagram utc learn Yahoo Se...WileyPLUS Reset Password In ReterenceS Exercise 15-11 Shown below are the job cost related accounts for the law firm of Jack, Bob, and Will and their manufacturing equivalents Exercise 15-2 (Part Supplies Salaries and Wages Payable Operating Overhead Service Contracts in Process Cost of Completed Service Contracts Raw Materials Factory Wages Payable Manufacturing Overhead Work in Process Cost of Goods Sold Exercise 15-3 Exercise 15-4 Exercise 15-5 Exercise 15-5 Cost data for the month of March follow Level Submission Exercise 15-6 Exercise 15-7 Exercise 15-9 1. Purchased supplies on account $2,220 2. Issued supplies $1,500 (60% direct and 40% indirect). 3. Assigned labor costs based on time cards for the month which indicated labor costs of $69,600 (80% direct and 20% indirect). Operating overhead costs incurred for cash totaled $44,420 operating overhead is applied at a rate of 90% of direct attomay cost. Work completed totaled 82,120. 4. evel Submission Exercise 15-10 Exercise 15-11 6. Your answer is partially correct. Try again. ounalize the transactions for March. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Accoaat Titles and Explanation Review Seore Supplies 2220 Review Results Accounts 2220 Salaries and Wages Payab upplies Manuf Overhea 150 alaries and Wages Payab 55680 Supplies 13920 Manufacturi 6960 Operating Overhead 4420 Cash 4420 Accounts Payable 50112 Operating Overhead 50112 Finished Goods Inventory 82120 Work in Process Invent 82120 3 Your answer is incorect. Try again. Determine the balance of the Service Contracts in Process account Balance of Service Contracts in Process account. 39092 LIST OF ACCOUNTSExplanation / Answer
Balance of Service contracts in process account:
Supplies issued +Labour cost allocated+Operating overhead allocated =$900+$55,680+$50,112
=$106,692.--------(A)
Minus: Transferred to completed service contracts =$82,120---------(B)
Balance in the service contracts in process account =A- B
=$24,572.
Date Entry Debit Credit Remarks xx-xx-xxxx Service contracts in process a/c Dr $900.00 1500*60% Operating overhead a/c Dr $600.00 1500*40% To Supplies a/c Cr $1,500.00 (Being supplies issued recorded in the books) xx-xx-xxxx Service contracts in process a/c Dr $55,680.00 69600*80% Operating overhead a/c Dr $13,920.00 69600*20% To Salaries and wages payable a/c Cr $69,600.00 (Being labour cost payable allocated) xx-xx-xxxx Operating overhead a/c Dr $44,420.00 To Cash a/c Cr $44,420.00 (Being Operating overhead incurred paid in cash) xx-xx-xxxx Service contracts in process a/c Dr $50,112.00 55680*90% =$50,112 To Operating overhead a/c Cr $50,112.00 (Being Operating overhead applied on the basis of direct attorney cost) xx-xx-xxxx Cost of completed service contracts a/c Dr $82,120.00 To Service contracts in process a/c Cr $82,120.00 (Being service contracts completed transferred to cost of completed service contracts)Related Questions
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