Ting Group began work on a 7,000,000 contract in 2022 to construct an office building. During 2022,
Question:
Ting Group began work on a ¥7,000,000 contract in 2022 to construct an office building. During 2022, Ting Group incurred costs of ¥1,700,000, billed its customers for ¥1,200,000, and collected ¥960,000. At December 31, 2022, the estimated additional costs to complete the project total ¥3,300,000. Prepare Ting’s 2022 journal entries using the percentage of completion method.
Step by Step Answer:
The percentage of completion method is used to recognize revenue and costs on a contract as the work ...View the full answer
Intermediate Accounting IFRS
ISBN: 9781119607519
4th Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
Related Video
A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
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