McCombs Contractors received a contract to construct a mental health facility for $2,500,000. Construction was begun in 2017 and completed in 2018. 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 (loss) recognition. Round your answers to the nearest whole dollar.

Question

McCombs Contractors received a contract to construct a mental health facility for $2,500,000. Construction was begun in 2017 and completed in 2018. 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 (loss) recognition. Round your answers to the nearest whole dollar.

Quizplus · Accepted Answer

The Answer of McCombs Contractors received a contract to construct a mental health facility for $2,500,000. Construction was begun in 2017 and completed in 2018. 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 (loss) recognition. Round your answers to the nearest whole dollar.

McCombs Contractors Received a Contract to Construct a Mental Health