During 2025, Oriole Company started a construction job with a contract price of $1,610,000. The job...

 

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During 2025, Oriole Company started a construction job with a contract price of $1,610,000. The job was completed in 2027. The following information is available. 2025 2026 2027 Costs incurred to date $380,000 $847,770 $1,069,000 Estimated costs to complete 620,000 253,230 -0- Billings to date 302,000 896,000 1,610,000 Collections to date 272,000 812,000 1.418.00 (a) 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 Debit Credit (To record cost of construction.) (To record progress billings.) (To record collections.) I During 2025, Oriole Company started a construction job with a contract price of $1,610,000. The job was completed in 2027. The following information is available. 2025 2026 2027 Costs incurred to date $380,000 $847,770 $1,069,000 Estimated costs to complete 620,000 253,230 -0- Billings to date 302,000 896,000 1,610,000 Collections to date 272,000 812,000 1.418.00 (a) 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 Debit Credit (To record cost of construction.) (To record progress billings.) (To record collections.) I

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To record cost of construction Debit Construction in Progress 467770 Credit Materials XXX to be dete... View the full answer