Following s theinfornaotionConteiact.sueloting daamount $Contsact paiice.Raw moterialswagesSub-(ontsiactplantmatesials tsians ļ 0uued to othor6,00,000120,000Li60,0005,00020,0002.000Cont'siact.4oneral expensesAt the end01 the , Cash rereived fmthe Contsiactee wos $250.O00 being 80%% of waContified, yalue| the year was $ 18,000. plant do bedepsieciated at 20%. DHepaue (onteiactaccount.7.600year,tomotorials unused at he ondContsiact.

Contract account :- Contract account is opened for each contract, this account includes all the…

Following s the infornaation ueloting doa Conteiact. Cont siact pake. Raw moterials wages amount $ 6,00000. 1020,000 L,60,000 Bub-(ontsiact 5,000 plant matesials tsians Louued to othor 20,000 2,000 Cont'siact. 7.600 4oneral expenses At the end the Contsiactee wos $2,5o.000 being 807% Contified, yalue the year was $ 18,000. plant do be depsieciated at 20%. PHepaue Contsiact account. the year, Cash sereived f moterials unused ot the ed

Following s the infornaation ueloting doa Conteiact. Cont siact pake. Raw moterials wages amount $ 6,00000. 1020,000 L,60,000 Bub-(ontsiact 5,000 plant matesials tsians Louued to othor 20,000 2,000 Cont'siact. 7.600 4oneral expenses At the end the Contsiactee wos $2,5o.000 being 807% Contified, yalue the year was $ 18,000. plant do be depsieciated at 20%. PHepaue Contsiact account. the year, Cash sereived f moterials unused ot the ed

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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JOURNAL ENTRY
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A
Prepare General journal entries for the given question
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