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On February 1, 2020, a company agreed to construct a building at a contract price of $35,000. The company estimated the project would be finished
On February 1, 2020, a company agreed to construct a building at a contract price of $35,000. The company estimated the project would be finished in 2022. Information relating to the costs and billings for this contract is as follows:
2020 2021 2022
Total costs incurred to date $8,000 $10,000 $22,000
Estimated costs to complete 12,000 6,000 -0-
Customer billings to date 8,000 24,000 29,000
Collections to date 4,000 14,000 25,000
The journal entry to record Billings on Construction in Process in 2021 has the amount of _________.
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