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
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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text: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 O decimal places, e.g. 5,275.)
No. Account Titles and Explanation
(a)
(b)
Debit
Credit
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