Kingston Construction Company uses the percentage-of-completion method of accounting for long-term contracts. In June 2019, Kingston...

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Kingston Construction Company uses the percentage-of-completion method of accounting for long-term contracts. In June 2019, Kingston & Sons began construction for a new development project with a contract price of $3,200,000. Prepare journal entries for this contract under the percentage-of-completion method for 2019. To prepare each required journal entry: Click on a cell in the Account Name column and select the appropriate account. An account may be used once or not at all for a journal entry. . . Enter the corresponding debit or credit amount in the associated column. Round amounts to the nearest whole dollar. Not all rows in the table may be needed to complete each journal entry If no journal entry is required, leave the cells blank and check the "No entry required" box at the top of the table as your response. For Wiley CPAexcel grading purposes: if more than one debit or credit is required, then list all debit entries first from the largest amount to the smallest amount and next list the credit entries from largest amount to smallest amount. Where journal entries are required, under the Account Name column, select "Blank": under the Debit and Credit columns, enter a zero "0" in lieu of leaving any cell empty. Kingston Construction Company uses the percentage-of-completion method of accounting for long-term contracts. In June 2019, Kingston & Sons began construction for a new development project with a contract price of $3,200,000. Prepare journal entries for this contract under the percentage-of-completion method for 2019. To prepare each required journal entry: Click on a cell in the Account Name column and select the appropriate account. An account may be used once or not at all for a journal entry. . . Enter the corresponding debit or credit amount in the associated column. Round amounts to the nearest whole dollar. Not all rows in the table may be needed to complete each journal entry If no journal entry is required, leave the cells blank and check the "No entry required" box at the top of the table as your response. For Wiley CPAexcel grading purposes: if more than one debit or credit is required, then list all debit entries first from the largest amount to the smallest amount and next list the credit entries from largest amount to smallest amount. Where journal entries are required, under the Account Name column, select "Blank": under the Debit and Credit columns, enter a zero "0" in lieu of leaving any cell empty.

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