determine the balance of the service contracts in process account use a t account 608792

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Shown below are the job cost related accounts for the law firm of Jack, Bob, and Will and their manufacturing equivalents:

Law Finn Accounts Don't use plagiarized sources. Get Your Custom Essay on determine the balance of the service contracts in process account use a t account 608792 Get an essay WRITTEN FOR YOU, Plagiarism free, and by an EXPERT! Just from $10/Page Order Essay	Manufacturing Finn Accounts
Supplies	Raw Materials
Salaries and Wages Payable	Factory Wages Payable
Operating Overhead	Manufacturing Overhead
Service Contracts in Process	Work in Process
Cost of Completed Service Contracts	Cost of Goods Sold

Cost data for the month of March follow.

Purchased supplies on account $1,500.
Issued supplies $1,200 (60% direct and 40% indirect).
Assigned labor costs based on time cards for the month which indicated labor costs of $60,000 (80% direct and 20% indirect).
Operating overhead costs incurred for cash totaled $40,000.
Operating overhead is applied at a rate of 90% of direct attorney cost.
Work completed totaled $75,000.

Instructions

(a)Journalize the transactions for March. (Omit explanations.)

(b)Determine the balance of the Service Contracts in Process account. (Use a T-account.)

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