Pronghorn Construction Company began work on a $419,400construction contract in 2017. During 2017, Pronghorn incurred costs of
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Pronghorn Construction Company began work on a $419,400construction contract in 2017. During 2017, Pronghorn incurred costs of $280,200, billed its customer for $216,300, and collected $174,500. At December 31, 2017, the estimated additional costs to complete the project total $161,600.
Prepare Pronghorn's journal entry to record profit or loss, if any, using (a) the percentage-of-completion method
Debit Credit
Construction Expenses
Construction in Process
Revenue from Long-Term Contracts
Related Book For
Intermediate Accounting
ISBN: 978-1119503668
17th edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfiel
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