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Splish Brothers Inc. began work on a $12,300,000 non-cancellable contract in 2017 to construct an office building. During 2017, Splish Brothers Inc. Incurred costs of
Splish Brothers Inc. began work on a $12,300,000 non-cancellable contract in 2017 to construct an office building. During 2017, Splish Brothers Inc. Incurred costs of $1,500,000, billed its customers for $1,100,000 (non-refundable), and collected $870,000. At December 31, 2017, the estimated future costs to complete the project total 53,500,000 Prepare Splish Brothers's 2017 journal enties 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 0 for the amounts.) Account Titles and Explanation Debit Credit To record costs.) (To record progress bilings.) (To record collections.) (To record revenues.) To record expenses.)
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