Vaughn Construction Company began work on a $407,000 construction contract in 2020. During 2020, Vaughn incurred...

 

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Vaughn Construction Company began work on a $407,000 construction contract in 2020. During 2020, Vaughn incurred costs of $272,000, billed its customer for $217,000, and collected $177,500. At December 31, 2020, the estimated additional costs to complete the project total $157,020. Prepare Vaughn's journal entry to record profit or loss, if any, using (a) the percentage-of-completion method and (b) the completed- contract method. (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. Round answers to O decimal places, e.g. 5,275.) No. Account Titles and Explanation Debit Credit (a) (b) Vaughn Construction Company began work on a $407,000 construction contract in 2020. During 2020, Vaughn incurred costs of $272,000, billed its customer for $217,000, and collected $177,500. At December 31, 2020, the estimated additional costs to complete the project total $157,020. Prepare Vaughn's journal entry to record profit or loss, if any, using (a) the percentage-of-completion method and (b) the completed- contract method. (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. Round answers to O decimal places, e.g. 5,275.) No. Account Titles and Explanation Debit Credit (a) (b)