Indigo Construction Company began work on a $420,500 construction contract in 2020. During 2020, Indigo incurred...
Indigo Construction Company began work on a $420,500
construction contract in 2020. During 2020, Indigo incurred costs
of $299,000, billed its customer for $202,000, and collected
$177,000. At December 31, 2020, the estimated additional costs to
complete the project total $151,030.
Prepare Indigo’s journal entry to record profit or loss, if any,
using (a) the percentage-of-completion method and (b) the
completed-contract method. (Credit account titles are
automatically indented when amount is entered. Do not indent
manually. If no entry is required, select "No entry" for the
account titles and enter 0 for the amounts. Round answers to 0
decimal places, e.g. 5,275.)
|
No. |
Account Titles and Explanation |
Debit |
Credit |
|---|---|---|---|
|
(a) |
|||
|
(b) |
|||
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