Question 8 of 9 View Policies Show Attempt History < Current Attempt in Progress During 2025, Ivanhoe Company started a construction job with a contract price of $1,610,000. The job was completed in 202 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
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Question 8 of 9
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Current Attempt in Progress
During 2025, Ivanhoe Company started a construction job with a contract price of $1,610,000. The job was completed in 2027
following information is available.
Costs incurred to date
Estimated costs to complete
Billings to date
Collections to date
2025
$366,300
623,700
2026
$772,100 $1,063,000
330,900
2027
300,000 909,000
271,000
807,000
1,610,000
4
1,424,000
Transcribed Image Text:Question 8 of 9 View Policies Show Attempt History ( Current Attempt in Progress During 2025, Ivanhoe Company started a construction job with a contract price of $1,610,000. The job was completed in 2027 following information is available. Costs incurred to date Estimated costs to complete Billings to date Collections to date 2025 $366,300 623,700 2026 $772,100 $1,063,000 330,900 2027 300,000 909,000 271,000 807,000 1,610,000 4 1,424,000
Prepare all necessary journal entries for 2026. (Credit account titles are automatically indented when amount is entered. Do n
manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. For costs incurred use accour
Materials, Cash, Payables. List all debit entries before credit entries.)
Account Titles and Explanation
Construction In Process
Materials, Cash, Payables
(To record cost of construction.)
Accounts Receivable
Construction In Process
(To record progress billings.)
Accounts Receivable
(To record collections.)
Construction in Process
Construction Expenses
Revenue from Long-Term Contracts
(To recognize revenue.)
Debit
Credit
Transcribed Image Text:Prepare all necessary journal entries for 2026. (Credit account titles are automatically indented when amount is entered. Do n manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. For costs incurred use accour Materials, Cash, Payables. List all debit entries before credit entries.) Account Titles and Explanation Construction In Process Materials, Cash, Payables (To record cost of construction.) Accounts Receivable Construction In Process (To record progress billings.) Accounts Receivable (To record collections.) Construction in Process Construction Expenses Revenue from Long-Term Contracts (To recognize revenue.) Debit Credit
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