Bramble Construction Company began work on a $415,000 construction contract in 2020. During 2020, Bramble incurred costs of $268,500, billed its customer for $230,000, and collected $181,500. At December 31, 2020, the estimated additional costs to complete the project total $154,135. Prepare Bramble'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 O for the amounts. Round answers to 0 decimal places, e.g. 5,275.) No. Account Titles and Explanation (a) (b) Debit Credit NOG

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Contract Costing

Contract costing is about tracing particular costs related to a particular contract entered into with the customer. It is one of the forms of job order costing. It is useful in long-term contracts at the most. It is seen that substantial time is required for the completion of the contract which takes different accounting periods. Thus, it is very much helpful for recognizing the costs associated with it and accounting in their specific accounting periods.