Business, 06.12.2021 19:20 starlightmoon213

McCombs Contractors received a contract to construct a mental health facility for $2,500,000. Construction was begun in 2023 and completed in 2024. Cost and other data are presented below: 2023 2024 Costs incurred during the year $ 1,500,000 $ 1,300,000 Estimated costs to complete 1,200,000 0 Billings during the year 1,200,000 1,300,000 Cash collections during the year 1,000,000 1,500,000 Assume that McCombs recognizes revenue on this contract over time according to percentage of completion. Required:
Prepare all journal entries to record costs, billings, collections, and profit (loss) recognition.

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McCombs Contractors received a contract to construct a mental health facility for $2,500,000. Constr...

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