Monty Construction Company uses the percentage of completion method of accounting In 2020, Monty began work under contract E2 D2, which provided for a contract price of $2,187,000 Other details follow 2020 2021 Costs incurred during the year $658,560 $1,408,000 Estimated costs to complete, as of December 31 909,440 0 Billings during the year 421,000 2,187,000 Collections during the year 348,000 1,527,000 What portion of the total contract price would be recognized as revenue in 2020 In 2021 Revenue recognized in 2020 $ Revenue recognized in 2021 $ SHOW LIST OF ACCOUNTS LINK TO TEXT Assuming the same facts as those above except that Monty uses the completed contract method of accounting, what portion of the total contract price would be recognized as revenue in 2021 Revenue recognized in 2021 $ SHOW LIST OF ACCOUNTS LINK TO TEXT Prepare a complete set of journal entries for 2020 (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 0 for the amounts For costs incurred use account Materials, Cash, Payables ) Account Titles and Explanation Debit Credit (To record cost of of construction ) (To record progress billings ) (To record collections ) (To recognize revenue ) Question 9 Monty Construction Company uses the percentage of completion method of accounting In 2020, Monty began work under contract E2 D2, which provided for a contract price of $2,187,000 Other details follow Costs incurred during the year Estimated costs to complete, as of December 31 Billings during the year Collections during the year 2020 2021 $658,560 $1,408,000 909,440 0 421,000 2,187,000 348,000 1,527,000 What portion of the total contract price would be recognized as revenue in 2020 In 2021 Revenue recognized in 2020 Revenue recognized in 2021 s SHOW LIST OF ACCOUNTS LINK TO TEXT Assuming the same facts as those above except that Monty uses the completed contract method of accounting, what portion of the total contract price would be recognized as revenue 20217 Revenue recognized in 2021 SHOW LIST OF ACCOUNTS LINK TO TEXT Prepare a complete set of journal entries for 2020 (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 For costs incurred use account Materials, Cash, Payables ) Account Titles and Explanation Debit Credit (To record cost of of construction ) (To record progress billings ) (To record collections ) (To recognize revenue )

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Monty Construction Company uses the percentage-of-completion method of accounting. In 2020, Monty began work under contract #E2-D2, which provided for a contract price of $2,187,000.

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Monty Construction Company uses the percentage-of-completion method of accounting. In 2020, Monty began work under contract #E2-D2, which provided for a contract price of $2,187,000. Other details follow:

	2020	2021
Costs incurred during the year	$658,560	$1,408,000
Estimated costs to complete, as of December 31	909,440	0
Billings during the year	421,000	2,187,000
Collections during the year	348,000	1,527,000

What portion of the total contract price would be recognized as revenue in 2020? In 2021?

Revenue recognized in 2020		$
Revenue recognized in 2021		$

SHOW LIST OF ACCOUNTS
LINK TO TEXT

Assuming the same facts as those above except that Monty uses the completed-contract method of accounting, what portion of the total contract price would be recognized as revenue in 2021?

Revenue recognized in 2021

SHOW LIST OF ACCOUNTS
LINK TO TEXT

Prepare a complete set of journal entries for 2020 (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 0 for the amounts. For costs incurred use account Materials, Cash, Payables.)

Account Titles and Explanation	Debit	Credit


(To record cost of of construction.)


(To record progress billings.)


(To record collections.)



(To recognize revenue.)

Question 9 Monty Construction Company uses the percentage-of-completion method of accounting. In 2020, Monty began work under contract #E2-D2, which provided for a contract price of $2,187,000. Other details follow: Costs incurred during the year Estimated costs to complete, as of December 31 Billings during the year Collections during the year 2020 2021 $658,560 $1,408,000 909,440 -0- 421,000 2,187,000 348,000 1,527,000 What portion of the total contract price would be recognized as revenue in 2020? In 2021? Revenue recognized in 2020 Revenue recognized in 2021 s SHOW LIST OF ACCOUNTS LINK TO TEXT Assuming the same facts as those above except that Monty uses the completed-contract method of accounting, what portion of the total contract price would be recognized as revenue 20217 Revenue recognized in 2021 SHOW LIST OF ACCOUNTS LINK TO TEXT Prepare a complete set of journal entries for 2020 (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. For costs incurred use account Materials, Cash, Payables.) Account Titles and Explanation Debit Credit (To record cost of of construction.) (To record progress billings.) (To record collections.) (To recognize revenue.)