Please help me Pina Construction Company uses the percentage-of-completion method of accounting. In 2020, Pina began work under contract #E2-D2, which provided for a contract price of $2,219,000. Other details follow:Costs incurred during the yearEstimated costs to complete, as of December 31Billings during the yearCollections during the year2020$620,490970,510428,000350,0002021$1,429,000-0-2,219,0001,471,000 Prepare a complete set of journal entries for 2020 (using the percentage-of-completion method). (Credit account titles areautomatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles andenter o for the amounts. For costs incurred use account Materials, Cash, Payables.)Account Titles and Explanation(To record cost of of construction.)(To record progress billings.)DebitCredit

The journal entries are prepared to record the transactions on regular basis. The gross profit is…

Pina Construction Company uses the percentage-of-completion method of accounting. In 2020, Pina began work under contract #E2- D2, which provided for a contract price of $2,219,000. Other details follow: Costs incurred during the year Estimated costs to complete, as of December 31 Billings during the year Collections during the year 2020 $620,490 970,510 428,000 350,000 2021 $1,429,000 -0- 2,219,000 1,471,000

Pina Construction Company uses the percentage-of-completion method of accounting. In 2020, Pina began work under contract #E2- D2, which provided for a contract price of $2,219,000. Other details follow: Costs incurred during the year Estimated costs to complete, as of December 31 Billings during the year Collections during the year 2020 $620,490 970,510 428,000 350,000 2021 $1,429,000 -0- 2,219,000 1,471,000

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter17: Advanced Issues In Revenue Recognition

Section: Chapter Questions

Problem 9MC

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