OPTIONS FOR BOXES WITH UP/DOWN ARROWS (10 OPTIONS) --

ACCOUNTS PAYABLE, ACCOUNTS RECEIVABLE, CASH, COMMON STOCK, COST OF SALES, RETAINED EARNINGS, REVENUE, UNEARNED REVENUE, WAREHOUSE, N/A

NOTE - ALL GREY SHADED BOXES REQUIRE AN ANSWER

PART B --

OPTIONS FOR BOXES WITH UP/DOWN ARROWS (10 OPTIONS) --

ACCOUNTS PAYABLE, ACCOUNTS RECEIVABLE, CASH, COMMON STOCK, COST OF SALES, RETAINED EARNINGS, REVENUE, UNEARNED REVENUE, WAREHOUSE, N/A

OPTIONS FOR BOXES WITH UP/DOWN ARROWS (10 OPTIONS) --

ACCOUNTS PAYABLE, ACCOUNTS RECEIVABLE, CASH, COMMON STOCK, COST OF SALES, RETAINED EARNINGS, REVENUE, UNEARNED REVENUE, WAREHOUSE, N/A

NOTE - ALL GREY SHADED BOXES REQUIRE AN ANSWER

Applying the Financial Statement Effects Template Camden Corporation agreed to build a warehouse for a client at an agreed contract price of $900,000. Expected (and actual) costs for the warehouse follow: 2016, $202,500; 2017, $337,500; and 2018, $135,000. The company completed the warehouse in 2018. a. Use the financial statement effects template to record contract revenues and expenses for each year 2016 through 2018 using the cost-to-cost method. Assume Camden does not receive payment until the contract is completed. Note: For each account category, indicate the appropriate account name. Enter "N/A" for any account category that is not used for a given transaction. Note: Indicate a decrease in an account category by including a negative sign with the amount. Balance Sheet Cash Asset Transaction Income Statement Revenues Noncash Assets Liabilities Contrib. Capital + Expenses Earned Capital Net Income 1. 2016: Record construction costs paid - 2. 2016: Accrue revenue for contract 3. 2017: Record construction costs paid 4. 2017: Accrue revenue for contract 5. 2018: Record construction costs paid a 6. 2018: Accrue revenue for contract b. Prepare journal entries and t-accounts to record contract revenues and expenses for each year 2016 through 2018 using the cost-to-cost method. b. Prepare journal entries and t-accounts to record contract revenues and expenses for each year 2016 through 2018 using the cost-to-cost method. Account Debit Credit 2016 Record construction costs paid 2016 Accrue revenue for contract Cost of Sales Cash Accounts Receivable Revenue 2016 2016 2016 2016 Account Debit Credit 2017 Record construction costs paid 2017 Accrue revenue for contract Cost of Sales Cash Accounts Receivable Revenue 2017 2017 2017 2017 Account Debit Credit 2018 Record construction costs paid 2018 Accrue revenue for contract Cost of Sales Cash Accounts Receivable Revenue 2018 2018 2018 2018