Question

Prepare entries for costs of services provided. (LO 2, 4, 5), AP E2-11 Shown below are the job cost related accounts for the

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Answer #1

Journal entry

No General Journal Debit Credit
1 Supplies 1500
Account payable 1500
2 Service contract in process (1200*60%) 720
Operating overhead 480
Supplies 1200
3 Service contract in process (60000*80%) 48000
Operating overhead 12000
Salaries and wages payable 60000
4 Operating overhead 40000
Cash 40000
5 Service contract in process (48000*90%) 43200
Operating overhead 43200
6 Cost of completed service contracts 75000
Service contract in process 75000

T account

Beg Bal 0 Cost of completed service contract 75000
Supplies 720
Salaries and wages payable 48000
Operating overhead 43200
End Bal 16920
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