Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Kieso, Intermediate Accounting, lee Helo I System Aonsemsts BACK Brief Exercise 18-22 Oriole, Inc, tegan work on a $6.466,000 contract in 2017 to construct an

image text in transcribed
Kieso, Intermediate Accounting, lee Helo I System Aonsemsts BACK Brief Exercise 18-22 Oriole, Inc, tegan work on a $6.466,000 contract in 2017 to construct an office building. During 2017, Oriole, Inc incurred costs of $1,547,340, billed iats customers for $1,085,000, and collected $1,013,000. At December 31, 2017, the estimated additional costs to complete the project total $3,003,660 Prepare Oriole's 2017 yournal entries using the percentage of completion method. (Credit account titkes are automatically indented when amouat is entered. Do not indent manually, For costs incurre use account Materials, Cash, Payables. If no entry is required, select "No entry for the account titles and enter 0 for the amounts) Account Titles and Explanation Debit Credit (To record costs inourred ) (To record bilings) (To record collections) To recogrce revenue) Question Attempts: 0 of 10 used SAVE FOR LATERSUINT

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Frank Woods Business Accounting Volume 2

Authors: Frank Wood, Alan Sangster

14th Edition

1292209178, 9781292209173

More Books

Students also viewed these Accounting questions

Question

Identify who may be responsible for performance appraisal.

Answered: 1 week ago

Question

Explain the performance appraisal period.

Answered: 1 week ago