ACCOUNTING-Job Order Cost Accounting Entries for a Service Business

QUESTION

Job Order Cost Accounting Entries for a Service BusinessThe law firm of Tilton and Henderson accumulates costs associated with individual cases, using a job order cost system. The following transactions occurred during June:June 4.Charged 540 hours of professional (lawyer) time to the Rucker Co. breech of contract suit to prepare for the trial, at a rate of $240 per hour.8.Reimbursed travel costs to employees for depositions related to the Rucker case, $23,700.12.Charged 140 hours of professional time for the Rucker trial at a rate of $280 per hour.16.Received invoice from consultants Wenzel and Lachgar for $73,300 for expert testimony related to the Rucker trial.24.Applied office overhead at a rate of $55 per professional hour charged to the Rucker case.30.Paid secretarial and administrative salaries of $26,600 for the month.30.Used office supplies for the month, $9,000.30.Paid professional salaries of $167,200 for the month.30.Billed Rucker $346,600 for successful defense of the case.Hidea. Provide the journal entries for each of the above transactions. June 4 June 8 June 12 June 16 June 24 June 30 Admin. sal. June 30 Supplies June 30 Prof. sal. June 30 Billed June 30 Cost b. How much office overhead is over- or underapplied? Enter your answer as a positive number.$ SelectOverappliedUnderappliedCorrect 2 of Item 2c. Determine the gross profit on the Rucker case, assuming that over- or underapplied office overhead is closed monthly to cost of services.$

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