Question
Flint, Inc. began work on a $1,960,000 contract in 2017 to construct a warehouse. During 2017, Flint, Inc. incurred costs of $625,500, billed its
Flint, Inc. began work on a $1,960,000 contract in 2017 to construct a warehouse. During 2017, Flint, Inc. incurred costs of $625,500, billed its customers for $793,000, and collected $438,000. At December 31, 2017, the estimated future costs to complete the project total $764,500. Prepare Flint's 2017 journal entries using the percentage-of-completion method. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit
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