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Current Attempt in Progress Blossom, inc began work on a $7,016,000 contract in 2025 to construct an office building. During 2025, Blossom, Inc, incurred costs
Current Attempt in Progress Blossom, inc began work on a $7,016,000 contract in 2025 to construct an office building. During 2025, Blossom, Inc, incurred costs of $1,798,560, billed its customers for $1,125,000, and collected $910,000. At December 31, 2025, the estimated additional costs to complete the project total $3,197,440. Prepare Blossom's 2025 journal entries using the percentoge-of-completion method. (Credit account tilles are outomatically indented When amount is entered. Do not indent manuolly. For costs incurred use occount Moterlats, Cash, Payobles. 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) Blossom, Inc. began work on a $7,481,000 contract in 2025 to construct an office building, Blossom uses the cost-recovery method, At December 31,2025 , the balances in certain accounts were Construction in Process $1,805,000. Accounts Receivable $242,000, and Billings on Construction in Process $1,088,000. Indicate how these accounts would be reported in Blossom's December 31, 2025, balance sheet. (List assets in order of liquidity)
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