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Record the journal entry for cash collections

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Question - On February 1, 2017, Marsh Contractors agreed to construct a building at a contract price of $17,400. Marsh estimated total construction costs would be $12,000 and the project would be finished in 2019. Information relating to the costs and billings for this contract is as follows:

 

2017

2018

2019

Total costs incurred to date

$4,500

$7,920

$13,800

Estimated costs to complete

7,500

5,280

-0-

Customer billings to date

6,600

12,000

16,800

Collections to date

6,000

10,500

16,500

Required - Record the 2018 journal entry for cash collections.

Reference no: EM133162288

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