A company uses the percentage-of-completion method of accounting. In 2020, the company began work a project, which had a contract price of $22,300. 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 11,460 16,830 Collections to date 9,470 14,650 In the journal entry to record progress billings for 2021, how much should Billings on Construction in Process be debited/credited? (Just enter the amount. DO NOT put a plus or minus sign in front of the amount.)
A company uses the percentage-of-completion method of accounting. In 2020, the company began work a project, which had a contract price of $22,300. 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 |
11,460 |
16,830 |
|
Collections to date |
9,470 |
14,650 |
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