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Journalizing help needed
The pedersen co. provides advertising services for clienst across the nation. The pederson com is presently working on four projects, each for a different client. The pederson co accumulates costs for each account on the basis of both direct costs and allocated indirect costs. The direct costs include the charged time of professional personnel and media purchases. Overhead is allocated to each project as a percentage of media purchases. The predetermined overhead rate is 60% of media purchases On Mar. 1 the four advertising projects had the following accumulated costs:hedge bank 120,000sullivan airlines 36,000tesley hotel 84,000wakelin beverages 51,000total 291,000During march the pederson co incurred the following direct labor and media purchase costs related to preparing advertising for each of the four accounts: direct labor media purchasehedge 84,000 315,000sullivan 37,500 277,500tesley 165,000 202,500wakelin 187,500 151,500total 474,000 946,500at the end of march both hedge and sullivan campaings were completed. The costs of completed campaigns are debited to the cost of services account. Journalize the following:a. direct labor costsb. Media purchasesc. Overhead appliedd. Completion of hedge and sullivan
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