(Solved): Q5- Shown below are the job cost related accounts for the law firm of Jack, Bob, and Will and their ...

Q5- Shown below are the job cost related accounts for the law firm of Jack, Bob, and Will and their manufacturing equivalents: \table[[Law Firm Accounts,Manufacturing Firm 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. 3- Assigned labor costs based on time cards for the month which indicated labor costs of

direct and

indirect). 4 Operating overhead costs incurred for cash totaled 32,000 5- Operating overhead is applied at a rate of Work completed totaled

of direct attorney cost. Instructions (a) Journalize the transactions for March. (Omit explanations.) (b) Determine the balance of the Service Contracts in Process account. (Use a T-account.)