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THESE ARE THE OPTIONS FOR ALL THE BLANKS (note i have filled some in already but i am not sure on them so correct them
THESE ARE THE OPTIONS FOR ALL THE BLANKS (note i have filled some in already but i am not sure on them so correct them )
Tamarisk Inc. began work on a $9,700,000 non-cancellable contract in 2020 to construct an office building. During 2020 , Tamarisk Inc. incurred costs of $1,380,000, billed its customers for $1,100,000 (non-refundable), and collected $1,020,000. At December 31,2020 , the estimated future costs to complete the project totalled $3,220,000. Prepare Tamarisk'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.) (To record progress billings) Cash 1020000 Accounts Receivable (To record collections) Construction Expenses (To record revenues) (To record construction expenses) (To record progress billings) Cash 1020000 Accounts Receivable (To record collections) \begin{tabular}{|l|} \hline Construction Expenses \\ \hline Revenue from Long-Term Contracts \\ Construction Expenses \\ Accounts Receivable \\ Contract Asset/Liability \\ No Entry \\ Cash \end{tabular}Step by Step Solution
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