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Category > Accounting Posted 25 Apr 2017 My Price 7.00

Spitzer Hotel and Gonzalez Bank campaigns

Tec Trends Inc. provides advertising services for clients across the nation. Tec Trends is presently working on four projects, each for a different client. Tec Trends accumulates costs for each account (client) on the basis of both direct costs and allocated indirect costs. The direct costs include the charged time of professional personnel and media purchases (air time and ad space). Overhead is allocated to each project as a percentage of media purchases. The predetermined overhead rate is 40% of media purchases. On July 1, the four advertising projects had the following accumulated costs:

 

July 1 Balances

Spitzer Hotel

$120,000

Gonzalez Bank

15,000

Gulliani Beverage

66,000

Koch Rentals

18,000

During July, Tec Trends Inc. incurred the following direct labor and media purchase costs related to preparing advertising for each of the four accounts:

 

Direct Labor

Media Purchases

Spitzer Hotel

$ 42,000

$154,000

Gonzalez Bank

17,000

143,000

Gulliani Beverage

81,000

128,000

Koch Rentals

107,000

83,000

Total

$247,000

$508,000

At the end of July, both the Spitzer Hotel and Gonzalez Bank campaigns were completed. The costs of completed campaigns are debited to the cost of services account.

Journalize the summary entry to record each of the following for the month:

a. Direct labor costs

b. Media purchases

c. Overhead applied

 

d. Completion of Spitzer Hotel and Gonzalez Bank campaigns

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(6)
Status NEW Posted 25 Apr 2017 09:04 AM My Price 7.00

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