+ Ch 6: Homework Question 7 of 9 > - / 1 Kingbird Inc, began work on a $7,500,000 non-cancellable contract in 2020 to construct an office building. During 2020, Kingbird Inc. incurred costs of $1,040,000, billed its customers for $1,100,000 (non-refundable), and collected $800,000. At December 31, 2020, the estimated future costs to complete the project totalled $2,960,000. Prepare Kingbird's 2020 journal entries using the percentage-of-completion method. (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.) Account Titles and Explanation Debit Credit Materials, Cash, Payables (To record cost of construction) Accounts Receivable (To record progress billings) Cash Accounts Receivable (To record collections) (To record revenues) > (To record construction expenses) Question 7 of 9 -/1 E View Policies Current Attempt in Progress Kingbird Inc, began work on a $7,500,000 non-cancellable contract in 2020 to construct an office building. During 2020, Kingbird Inc. incurred costs of $1,040,000, billed its customers for $1,100,000 (non-refundablc), and collected $800,000. At December 31, 2020, the estimated future costs to complete the project totalled $2,960,000. Prepare Kingbird's 2020 journal entries using the percentage-of-completion method. (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.) Account Titles and Explanation Debit Credit Materials, Cash, Payables Construction Expenses Revenue from Long-Term Contracts No Entry Accounts Receivable Contract Asset/Liability (To record progress billings) Cash Accounts Receivable (To record collections) To rernd revenues