During 2025, Ivanhoe Company started a construction job with a contract price of $1,610,000. The job was completed in 2027. Thefollowing information is available.Costs incurred to dateEstimated costs to completeBillings to dateCollections to date2025$366,300623,700300,000271,0002026$772,100330,900909,000807,0002027$1,063,000-0-1,610,0001,424,000 ary journal entries for 2026. (Credit account titles are automatically indented when amount is entered. Do not indentmanually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. For costs incurred use accountMaterials, Cash, Payables. List all debit entries before credit entries.)Account Titles and ExplanationConstruction in ProcessMaterials, Cash, Payables(To record cost of construction.)Accounts Receivable.Billings on Construction in Process(To record progress billings.)Accounts ReceivableBillings on Construction in Process(To record collections.)Construction ExpensesConstruction in ProcessRevenue from Long Term Contracts(To recognize revenue.)Debit00:00Credit100 10 10 10

A journal entry is a record of a business transaction in your business books. In double-entry…

During 2025, Ivanhoe Company started a construction job with a contract price of $1,610,000. The job was completed in 2027. The following information is available. Costs incurred to date Estimated costs to complete Billings to date. Collections to date 2025 $366,300 623,700 300,000 271,000 2026 $772,100 330,900 909,000 807,000 2027 $1,063,000 -0- 1,610,000 1,424,000

During 2025, Ivanhoe Company started a construction job with a contract price of $1,610,000. The job was completed in 2027. The following information is available. Costs incurred to date Estimated costs to complete Billings to date. Collections to date 2025 $366,300 623,700 300,000 271,000 2026 $772,100 330,900 909,000 807,000 2027 $1,063,000 -0- 1,610,000 1,424,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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