On January 1, Miller Construction Company contracted to build a parking lot for the city of St. Louis for $1,275,000. The following transactions and estimates relate to this contract. Construction costs incurred during 2020 $680,000 Progress billings $323,000 Cash collections $297,500 Estimated costs to complete $680,000 Required a. Prepare the journal entry to record profit or loss assuming revenue is recognized over time. Note: If a journal entry isn't required on any of the dates shown, select "N/A-debit" and "N/A-credit" as the account names and leave the Dr. and Cr. answers blank (zero). Account Name Loss from Long-Term Contracts Cost of Construction Dr. 42,500 680,000 Cr. 0x 0x

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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.