None Assume that Sheridan Construction Company has a non-cancellable contract to construct a $5,550,000 bridge at an estimated cost of$4,000,000. The contract is to start in July 2023, and the bridge is to be completed in October 2025. The following data pertain to theconstruction period. (Note that, by the end of 2024, Sheridan has revised the estimated total cost from $4,000,000 to $4,006,000)Assume that progress billings are non-refundable. Assume that the company uses the completed-contract method.202320242025Costs to date (12/31)$1,000,000$2,884,320 $4,006,000Estimated costs to complete (12/31)Progress billings during the year3,000,000996,0001,121,68002,497,0002,057,000Cash collected during the year930,0001,852,0002.768,000What would the journal entries be for 2025? (Credit account titles are automatically indented when the amount is entered. Do not indentmanually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries.)Account Titles and Explanation(To record cost of construction)(To record progress billings)(To record collections)(To record revenues)DebitCredit

Journal entries are made to record the transactions as the first process in the books of accounts…

Assume that Sheridan Construction Company has a non-cancellable contract to construct a $5,550,000 bridge at an estimated cost of $4,000,000. The contract is to start in July 2023, and the bridge is to be completed in October 2025. The following data pertain to the construction period. (Note that, by the end of 2024, Sheridan has revised the estimated total cost from $4,000,000 to $4,006,000) Assume that progress billings are non-refundable. Assume that the company uses the completed-contract method. 2023 2024 2025 Costs to date (12/31) $1,000,000 $2,884,320 $4,006,000 Estimated costs to complete (12/31) 3,000,000 1,121,680 0 Progress billings during the year 996,000 2,497,000 2,057,000 Cash collected during the year 930,000 1,852,000 2.768,000 What would the journal entries be for 2025? (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. List all debit entries before credit entries) Account Titles and Explanation (To record cost of construction) (To record progress billings) (To record collections) (To rec Debit Credit

Assume that Sheridan Construction Company has a non-cancellable contract to construct a $5,550,000 bridge at an estimated cost of $4,000,000. The contract is to start in July 2023, and the bridge is to be completed in October 2025. The following data pertain to the construction period. (Note that, by the end of 2024, Sheridan has revised the estimated total cost from $4,000,000 to $4,006,000) Assume that progress billings are non-refundable. Assume that the company uses the completed-contract method. 2023 2024 2025 Costs to date (12/31) $1,000,000 $2,884,320 $4,006,000 Estimated costs to complete (12/31) 3,000,000 1,121,680 0 Progress billings during the year 996,000 2,497,000 2,057,000 Cash collected during the year 930,000 1,852,000 2.768,000 What would the journal entries be for 2025? (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. List all debit entries before credit entries) Account Titles and Explanation (To record cost of construction) (To record progress billings) (To record collections) (To rec Debit Credit

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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