Question: Oriole, Inc. began work on a $ 6 , 9 0 5 , 0 0 0 contract in 2 0 2 5 to construct an

Oriole, Inc. began work on a $6,905,000 contract in 2025 to construct an office building. During 2025, Oriole, Inc. incurred costs of $1,536,120, billed its customers for $1,193,000, and collected $866,000. At December 31,2025, the estimated additional costs to complete the project total $2,981,880.
Prepare Orioles 2025 journal entries using the percentage-of-completion method.
Account Titles and Explanation Debit Credit
______________________________________________________________________
___________________________________________________________________________
(To record costs incurred.)
_____________________________________________________________________________
________________________________________________________________________________
(To record billings)
_______________________________________________________________________________
__________________________________________________________________________________
(To recored cjollections)
___________________________________________________________________________________
_______________________________________________________________________________________
_________________________________________________________________________________________
(To recognize revenue.)

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