A company uses the percentage-of-completion method of accounting. In 2020, the company began work a project, which had a contract price of $28,500. Other details follow: 2020 2021 Costs incurred to date $6,000 $18,000 Estimated costs to complete, as of December 31 14,000 -0- Billings to date 4,250 16,700 Collections to date 3,800 15,120 In the journal entry to record construction expense, construction revenue, and gross profit for 2021, how much should Construction in Process be debited/credited? (Just enter the amount. DO NOT put a plus or minus sign in front of the amount.) (Do not round your answers in any part of the computation.)
A company uses the percentage-of-completion method of accounting. In 2020, the company began work a project, which had a contract price of $28,500. Other details follow:
|
2020 |
2021 |
|
|
Costs incurred to date |
$6,000 |
$18,000 |
|
Estimated costs to complete, as of December 31 |
14,000 |
-0- |
|
Billings to date |
4,250 |
16,700 |
|
Collections to date |
3,800 |
15,120 |
In the
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