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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.
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