Wildhorse Construction Company uses the percentage-of-completion method of accounting. In 2025, Wildhorse began work under a contract with a contract price of $1,560,000. Other details follow: Costs incurred during the year Estimated costs to complete, as of December 31 Billings during the year Collections during the year Account Titles and Explanation Construction in Process Materials, Cash, Payables (To record cost of construction.) Accounts Receivable Billings on Construction in Process (To record progress billings.) Cash Prepare a complete set of journal entries for 2025 (using percentage-of-completion). (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent mar entry is required, select "No Entry" for the account titles and enter O for the amounts. For costs incurred use account Materials, Cash, Payables.) Accounts Receivable (To record collections.) Construction in Process Revenue from Long-Term Contracts 2025 (To recognize revenue and gross profit.) $1,117,200 352,800 937,200 270,000 2026 $1,430,000 -0- 1,560,000 1,560,000 Debit 1117200 937200 270000 Credit 1117200 937200 270000

Wildhorse Construction Company uses the percentage-of-completion method of accounting. In 2025, Wildhorse began work under a contract with a contract price of $1,560,000. Other details follow: Costs incurred during the year Estimated costs to complete, as of December 31 Billings during the year Collections during the year Account Titles and Explanation Construction in Process Materials, Cash, Payables (To record cost of construction.) Accounts Receivable Billings on Construction in Process (To record progress billings.) Cash Prepare a complete set of journal entries for 2025 (using percentage-of-completion). (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent mar entry is required, select "No Entry" for the account titles and enter O for the amounts. For costs incurred use account Materials, Cash, Payables.) Accounts Receivable (To record collections.) Construction in Process Revenue from Long-Term Contracts 2025 (To recognize revenue and gross profit.) $1,117,200 352,800 937,200 270,000 2026 $1,430,000 -0- 1,560,000 1,560,000 Debit 1117200 937200 270000 Credit 1117200 937200 270000

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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