Question
Windsor Inc. began work on a $8,900,000 non-cancellable contract in 2017 to construct an office building. During 2017, Windsor Inc. incurred costs of $2,040,000, billed
Windsor Inc. began work on a $8,900,000 non-cancellable contract in 2017 to construct an office building. During 2017, Windsor Inc. incurred costs of $2,040,000, billed its customers for $1,400,000 (non-refundable), and collected $1,010,000. At December 31, 2017, the estimated future costs to complete the project total $3,960,000. Prepare Windsors 2017 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 0 for the amounts.) I want to know why I am wrong and how to calculate this step
Windsor Inc. began ork on a 900,000 nor cancellable contract in 2017 to construct an ofi estimated future custs to complete the project total $3,960,000 ice building. During 2017 indsor Inc. incurred costs of S2,040 000 biled its customers tor si 400 000 non-retu dable and collected $1,010,000. At December 31, 2017, the Prapare windsors 2017 journal entries using the percentage-of-completion method. (Creditaccount titles are automatically indented when the amount is entered. Do not indent mally. If no entry is required, select "No Entry" for the account tirles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit Mateials. Cash, Poyablks To record costs.) Contract Asset Lisbilty (To record progres biling%) To record collectionsy)Step by Step Solution
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