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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 1, Miller Construction Company contracted to build a parking lot for the city of St. Louis for $900,000. The following transactions and estimates relate to this contract.
Construction costs incurred during 2020 $480,000
Progress billings $228,000
Cash collections $210,000
Estimated costs to complete $480,000
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 "N/Adebit" and "N/Acredit" 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 "N/Adebit" and "N/Acredit" as the account names and leave the Dr. and Cr. answers blank (zero).

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