Sage Hill Inc began work on a $10,700,000 non cancellable contract in 2020 to construct an office building During 2020, Sage Hill Inc incurred costs of $1,352,000, billed its customers for $1,200,000 (non refundable), and collected $910,000 At December 31, 2020, the estimated future costs to complete the project totalled $3,848,000 Prepare Sage Hill's 2020 journal entries using the percentage of completion method (Credit account titles are automatically indented when the amount is entered Do not indent manually If no entry is required, select No Entry for the account titles and enter O for the amounts ) Account Titles and Explanation (To record cost of construction) Debit Credit To record progress billings) To record collections) To record revenues) To record construction expenses)

Question

Sage Hill Inc  began work on a $10,700,000 non cancellable contract in 2020 to construct an office building  During 2020, Sage Hill Inc  incurred costs of $1,352,000, billed its customers for $1,200,000 (non refundable), and collected $910,000  At December 31, 2020, the estimated future costs to complete the project totalled $3,848,000  Prepare Sage Hill's 2020 journal entries using the percentage of completion method  (Credit account titles are automatically indented when the amount is entered  Do not indent manually  If no entry is required, select  No Entry  for the account titles and enter O for the amounts ) Account Titles and Explanation (To record cost of construction) Debit Credit To record progress billings) To record collections) To record revenues)     To record construction expenses)

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Sage Hill Inc. began work on a $10,700,000 non-cancellable contract in 2020 to construct an office building. During 2020, Sage Hill Inc. incurred costs of

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