Use the following to answer questions
McCombs Contractors received a contract to construct a mental health facility for $2,500,000.Construction was begun in 2015 and completed in 2016.Cost and other data are presented below:

-Assume that McCombs recognizes revenue on this contract over time according to percentage of completion.
Required: Prepare all journal entries to record costs,billings,collections,and profit recognition.
Round your answers to the nearest whole dollar.

Question

Use the following to answer questions 
McCombs Contractors received a contract to construct a mental health facility for $2,500,000.Construction was begun in 2015 and completed in 2016.Cost and other data are presented below:
 
-Assume that McCombs recognizes revenue on this contract over time according to percentage of completion.
Required: Prepare all journal entries to record costs,billings,collections,and profit recognition.
Round your answers to the nearest whole dollar.

Quizplus · Accepted Answer

The Answer of Use the following to answer questions 
McCombs Contractors received a contract to construct a mental health facility for $2,500,000.Construction was begun in 2015 and completed in 2016.Cost and other data are presented below:
 
-Assume that McCombs recognizes revenue on this contract over time according to percentage of completion.
Required: Prepare all journal entries to record costs,billings,collections,and profit recognition.
Round your answers to the nearest whole dollar.

Use the Following to Answer Questions