as soon as possible
View Policies Current Attempt in Progress In February 2020, Cullumber Construction signed a contract and commenced construction on a parking garage. The total contract price was $89.8 million and was expected to be completed in July 2024 at a total estimated cost of $81.0 million. Payment by the customer was to be made in several stages, based on significant events and dates throughout the construction timeline. The customer was to have control over the parking garage and was able to make major changes to the project during the construction process. Cullumber's year-en was September 30. By the end of September, 2020, Cullumber had incurred $12,150,000 in costs and had invoiced $10,600,000 in progress bilings. $7,500,000 of the progress bilings had been collected. By September 30, 2021, Cullumber had incurred $39,300,000 in total costs and had invoiced $15,700,000 in progress bilings, including the progress bilings in 2020. Or the total bilings, $30,300,000 in total had been collected. Also, Cullumber reviewed its cost estimates on the project, and now believed the parking garage would cost $78.6 million in total to complete, Prepare all journal entries required for the year ended September 30, 2020. Use Materials, Cash Payables for costs incurred to date. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts) No. ount Titles and Explanation Debit Credit 1. (To record the 2020 cost of construction) % & 8 W E R O P A S D F H K Prepare all journal entries required for the year ended September 30, 2020, Use Materials, Cash, Payables for costs incurred to date. (Credit account titles are au when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts.) No. Account Titles and Explanation Debit Credit 1. (To record the 2020 cost of construction) 2 . (To record the 2020 progress billings) 3. (To record the 2020 cash collections) (To record the 2020 revenue) 2 3 7 8 (To record the 2020 cash collections) (To record the 2020 revenue) 5. (To record the construction expenses) List of Accounts Prepare all journal entries required for the year ended September 30, 2021. Use Materials. Cash Payables for costs incurred to date. (Credit account titles are automatical when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts.) No Account Titles and Explanation Debit Credit 1. % 5 2 3 7 8 Prepare all journal entries required for the year ended September 30, 2021. Use Materials, Cash, Payables for costs incurred to date. (Credit accour when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) No Account Titles and Explanation Debit Credit 1. (To record the 2021 cost of construction) 2. (To record the 2021 progress billings) 3. (To record the 2021 cash collections) (To record the 2021 revenue) 5. code 202
