Method of revenue recognition

Assignment Help Accounting Basics

Reference no: EM13149607

How should earned but unbilled revenues at the balance sheet date on a long-term construction contract be disclosed if the percentage-of-completion (POC) method of revenue recognition is used?

Provide the required journal entries for this project.

Example

POC Revenue 1,5 Mio

Project costs 1,0 Mio

Billings 1,8 Mio

Unearned 0,3 Mio

Reference no: EM13149607

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