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On January 1 , Miller Construction Company contracted to build a parking lot for the city of St . Louis for $ 9 0 0
On January Miller Construction Company contracted to build a parking lot for the city of St Louis for $ The following transactions and estimates relate to this contract.
Construction costs incurred during $
Progress billings $
Cash collections $
Estimated costs to complete $
Required
a Prepare the journal entry to record profit or loss assuming revenue is recognized over time.
Note: If a journal entry isn't required on any of the dates shown, select NAdebit and NAcredit as the account names and leave the Dr and Cr answers blank zero
Account Name Dr Cr
Answer
Answer
Answer
To recognize revenues and expenses
b Prepare the journal entry to record profit or loss assuming revenue is recognized at a point in time.
Note: If a journal entry isn't required on any of the dates shown, select NAdebit and NAcredit as the account names and leave the Dr and Cr answers blank zero
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