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Make the entry to record progress billings

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Problem - Journal entries for percentage-of-completion method Dixon Construction Company was awarded a contract to construct an interchange at the junction of U.S. 94 and Highway 30 at a total contract price of $15,000,000. The estimated total costs to complete the project were $12,000,000.

(a) Make the entry to record construction costs of $7,200,000, on construction in process to date.

(b) Make the entry to record progress billings of $4,000,000.

(c) Make the entry to recognize the pro?t that can be recognized to date, on a percentage-of- completion basis.

Reference no: EM133004612

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