Using the percentage-of-completion method

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Reference no: EM131207035

Turner, Inc. began work on a $5,810,000 contract in 2014 to construct an office building. During 2014, Turner, Inc. incurred costs of $1,411,000, billed its customers for $996,000, and collected $796,800. At December 31, 2014, the estimated future costs to complete the project total $2,739,000. Prepare Turner’s 2014 journal entries using the percentage-of-completion method. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 5,275.)

Reference no: EM131207035

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Using the percentage-of-completion method : Turner, Inc. began work on a $5,810,000 contract in 2014 to construct an office building. During 2014, Turner, Inc. incurred costs of $1,411,000, billed its customers for $996,000, and collected $796,800. At December 31, 2014, the estimated future co..

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