Journal entries: percentage of completion method
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Record the journal entries for each year using the % of completion method.
Show the partial accounts on the December 31 balance sheet for each year.
Show the January 1 to Dec 31 Income statement for each year.
Details below:
Year..........Const. costs.........Invoiced.......Cash Collected......%complete
2010.........2,500,000.........2,000,000.......1,800,000.................40
2011.........3,000,000.........4,100,000.......4,000,000.................75
2012.........1,500,000.........3,900,000.......4,200,000................100
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Solution Summary
Your tutorial is in Excel, attached, showing the revenue and gross profit recognized on the income statement. Also shown is the Receivables, construction in progress and billings accounts on the balance sheet. Click in cells to see computation.
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