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Marin, Inc. began work on a $6,491,000 contract in 2020 to construct an office building. During 2020, Marin, Inc. incurred costs of $1,941,020, billed its
Marin, Inc. began work on a $6,491,000 contract in 2020 to construct an office building. During 2020, Marin, Inc. incurred costs of $1,941,020, billed its customers for $1,138,000, and collected $904,000. At December 31, 2020, the estimated additional costs to complete the project total $3,304.980. Prepare Marin's 2020 journal entries using the percentage of completion method. (Credit account titles are automatically indented when amount is entered Do not indent manually. For costs incurred use account Materials, Cash, Payables. If no entry is required, select "No entry for the account titles and enter for the amounts) Account Titles and Explanation Debit Credit (To record costs incurred.) (To record billings.) (To record collections.) Account Titles and Explanation Debit Credit (To record costs incurred.) (To record billings.) (To record collections.) Account Titles and Explanation Debit Credit (To record costs incurred.) (To record billings.) (To record collections.) (To recognize revenue.)
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