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Flint Company has a non-cancellable contract for $1,813,500 to construct a bridge. The contract is to start in July 2023, and the bridge is to be completed in September 2025. The following data pertain to the construction period. Assume that progress billings are non-refundable. Costs during the year Estimated costs to complete Progress billings during the year Cash collected during the year (a) 2023 2023 $334,800 (To record cost of construction) Account Titles and Explanation $837,000 353,400 283,650 711,450 260,400 706,800 1,171,800 2024 Assuming that Flint Company uses the completed-contract method, prepare the appropriate journal entries. (Credit account titles are automatically indented when the 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. List all debit entries before credit entries) 2025 $362,700 818,400 846,300 Debit Credit

Flint Company has a non-cancellable contract for $1,813,500 to construct a bridge. The contract is to start in July 2023, and the bridge is to be completed in September 2025. The following data pertain to the construction period. Assume that progress billings are non-refundable. Costs during the year Estimated costs to complete Progress billings during the year Cash collected during the year (a) 2023 2023 $334,800 (To record cost of construction) Account Titles and Explanation $837,000 353,400 283,650 711,450 260,400 706,800 1,171,800 2024 Assuming that Flint Company uses the completed-contract method, prepare the appropriate journal entries. (Credit account titles are automatically indented when the 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. List all debit entries before credit entries) 2025 $362,700 818,400 846,300 Debit Credit

FINANCIAL ACCOUNTING
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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Flint Company has a non-cancellable contract for $1,813,500 to construct a bridge. The contract is to start in July 2023, and the bridge is to be completed in September 2025. The following data pertain to the construction period. Assume that progress billings are non-refundable. Costs during the year Estimated costs to complete Progress billings during the year Cash collected during the year (a) 2023 (To record cost of construction) Account Titles and Explanation (To record progress billings) (To record collections) 2024 2023 $334,800 Assuming that Flint Company uses the completed-contract method, prepare the appropriate journal entries. (Credit account titles are automatically indented when the 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. List all debit entries before credit entries) Account Titles and Explanation (To record cost of construction) 1,171,800 283,650 2024 $837,000 353,400 711,450 260,400 706,800 2025 W $362,700 818,400 846,300 Debit Debit Credit Credit
Transcribed Image Text:Flint Company has a non-cancellable contract for $1,813,500 to construct a bridge. The contract is to start in July 2023, and the bridge is to be completed in September 2025. The following data pertain to the construction period. Assume that progress billings are non-refundable. Costs during the year Estimated costs to complete Progress billings during the year Cash collected during the year (a) 2023 (To record cost of construction) Account Titles and Explanation (To record progress billings) (To record collections) 2024 2023 $334,800 Assuming that Flint Company uses the completed-contract method, prepare the appropriate journal entries. (Credit account titles are automatically indented when the 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. List all debit entries before credit entries) Account Titles and Explanation (To record cost of construction) 1,171,800 283,650 2024 $837,000 353,400 711,450 260,400 706,800 2025 W $362,700 818,400 846,300 Debit Debit Credit Credit
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