Turner, Inc. began work on a $7,000,000 contract in 2014 to construct an office building. During 2014,
Question:
Turner, Inc. began work on a $7,000,000 contract in 2014 to construct an office building. During 2014, Turner, Inc. incurred costs of $1,700,000, billed its customers for $1,200,000, and collected $960,000. At December 31, 2014, the estimated future costs to complete the project total $3,300,000. Prepare Turner's 2014 journal entries using the percentage-of-completion method?
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Construction in Process 1700000 Materials Cash Payables 1700000 Accounts Re...View the full answer
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Related Book For 
Intermediate Accounting 2014 FASB Update
ISBN: 978-1118147290
15th edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
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