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FINANCIAL ACCOUNTING
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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Prepare all necessary journal entries for 2026. (Credit account titles are automatically indented when 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. For costs incurred use account Materials, Cash, Payables. List all debit entries before credit entries.) Account Titles and Explanation (To record cost of construction.) (To record progress billings.) (To record collections.) Debit ||| Credit [[|]]
Transcribed Image Text:Prepare all necessary journal entries for 2026. (Credit account titles are automatically indented when 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. For costs incurred use account Materials, Cash, Payables. List all debit entries before credit entries.) Account Titles and Explanation (To record cost of construction.) (To record progress billings.) (To record collections.) Debit ||| Credit [[|]]
During 2025, Carla Vista Company started a construction job with a contract price of $1,580,000. The job was completed in 2027. The following information is available.. Costs incurred to date Estimated costs to complete Billings to date Collections to date 2025 $430,000 570,000 297,000 272,000 2026 $766,500 328,500 900,000 817,000 2027 $1,067,000 -0- 1,580,000 1,411,000
Transcribed Image Text:During 2025, Carla Vista Company started a construction job with a contract price of $1,580,000. The job was completed in 2027. The following information is available.. Costs incurred to date Estimated costs to complete Billings to date Collections to date 2025 $430,000 570,000 297,000 272,000 2026 $766,500 328,500 900,000 817,000 2027 $1,067,000 -0- 1,580,000 1,411,000
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