rev Revenue from Consignment Sales Revenue from Long-Term Contracts Rent Revenue Sales Revenue License Revenue Service Revenue Interest Revenue Franchise Revenue Commission Revenue Unearned Rent Revenue Unearned Sales Revenue Unearned Service Revenue Installment Sales Revenue Unearned Warranty Revenue Unearned Franchise Revenue Sandhill, Inc. began work on a $6,491,000 contract in 2025 to construct an office building. During 2025, Sandhill, Inc. incurred costs of $1,941,020, billed its customers for $1,138,000, and collected $904,000. At December 31, 2025, the estimated additional costs to complete the project total $3,304,980. Prepare Sandhill's 2025 journal entries using the percentage-of-completion method. (Credit account titles are automatically indented when amount is entered. Do not indent manually. For costs incurred use account Materials, Cash, Payables. 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 Construction in Process Materials, Cash, Payables (To record costs incurred.) Accounts Receivable Billings on Construction in Process (To record billings.) Cash Accounts Receivable (To record collections.) Construction in Process (To recognize revenue.) Debit 1941020 1138000 904000 Credit 1941020 1138000 904000
rev Revenue from Consignment Sales Revenue from Long-Term Contracts Rent Revenue Sales Revenue License Revenue Service Revenue Interest Revenue Franchise Revenue Commission Revenue Unearned Rent Revenue Unearned Sales Revenue Unearned Service Revenue Installment Sales Revenue Unearned Warranty Revenue Unearned Franchise Revenue Sandhill, Inc. began work on a $6,491,000 contract in 2025 to construct an office building. During 2025, Sandhill, Inc. incurred costs of $1,941,020, billed its customers for $1,138,000, and collected $904,000. At December 31, 2025, the estimated additional costs to complete the project total $3,304,980. Prepare Sandhill's 2025 journal entries using the percentage-of-completion method. (Credit account titles are automatically indented when amount is entered. Do not indent manually. For costs incurred use account Materials, Cash, Payables. 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 Construction in Process Materials, Cash, Payables (To record costs incurred.) Accounts Receivable Billings on Construction in Process (To record billings.) Cash Accounts Receivable (To record collections.) Construction in Process (To recognize revenue.) Debit 1941020 1138000 904000 Credit 1941020 1138000 904000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Please help me with the last entry. The dropdown options are the revenue accounts i can use
Transcribed Image Text:rev
Revenue from Consignment Sales
Revenue from Long-Term Contracts
Rent Revenue
Sales Revenue
License Revenue
Service Revenue
Interest Revenue
Franchise Revenue
Commission Revenue
Unearned Rent Revenue
Unearned Sales Revenue
Unearned Service Revenue
Installment Sales Revenue
Unearned Warranty Revenue
Unearned Franchise Revenue
Transcribed Image Text:Sandhill, Inc. began work on a $6,491,000 contract in 2025 to construct an office building. During 2025, Sandhill, Inc. incurred costs of
$1,941,020, billed its customers for $1,138,000, and collected $904,000. At December 31, 2025, the estimated additional costs to
complete the project total $3,304,980.
Prepare Sandhill's 2025 journal entries using the percentage-of-completion method. (Credit account titles are automatically indented
when amount is entered. Do not indent manually. For costs incurred use account Materials, Cash, Payables. 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
Construction in Process
Materials, Cash, Payables
(To record costs incurred.)
Accounts Receivable
Billings on Construction in Process
(To record billings.)
Cash
Accounts Receivable
(To record collections.)
Construction in Process
(To recognize revenue.)
Debit
1941020
1138000
904000
Credit
1941020
1138000
904000
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education