determine the cost of audit services rendered for september 2010 641230

(Service industry; journal entries and CSR) Kalogrides & McMillan CPAs incurred the following costs in performing audits during September 2010. The firm uses a Work in Process Inventory account for audit engagement costs and records overhead in fixed and variable overhead accounts.

a. Prepare journal entries for each of the following transactions:

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  • Used $5,000 of previously • y purchased supplies on audit engagements.
  • Paid $8,000 of partner travel expenses to an accounting conference.
  • Recorded $6,500 of depreciation on laptops used in audits.
  • Recorded $1,800,000 of annual depreciation on the Kalogrides & McMillan Building, located in downtown New York; 65 percent of the space is used to house audit personnel.
  • Accrued audit partner salaries, $200,000.
  • Accrued remaining audit staffsalaries, $257,900.
  • Paid credit card charges for travel costs for client engagements, $19,400.
  • One month’s prepaid insurance and property taxes expired on the downtown building, $17,300.
  • Accrued $3,400 of office assistant wages; the office assistant works only for the audit partners and staff.
  • Paid all accrued salaries and wages for the month.

b. Determine the cost of audit services rendered for September 2010.

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